Ethereum traded near $1,860 on Saturday, July 25, down from a recent high above $1,950 reached earlier in the week. The pullback followed a monthly recovery that carried the token up from lows near $1,510 in late June.

Polymarket’s Even Split on $1,000 vs $3,000

On Polymarket, a contract asking “Will Ethereum hit $1,000 or $3,000 first?” has drawn $95,300 in volume. Traders currently price the $1,000 outcome at 54 cents and the $3,000 outcome at 50 cents, roughly an even split. The market resolves using Binance’s ETH/USDT one-minute candle data and expires December 31, 2026.

A broader Polymarket market titled “What price will Ethereum hit in 2026?” has pulled in nearly $9 million. Traders assign an 83% chance to ethereum reaching $2,000 and a 56% chance to $2,500, with odds falling off sharply above that level: $3,500 sits at 12% and $5,000 at under 4%.

A contract on ethereum dropping to $1,500 holds $1.86 million in volume, the single largest bracket in the entire event, with traders giving it a 47% chance.

Long Odds on a New All-Time High

A separate Polymarket contract tracking whether Ethereum sets a new all-time high carries $2.3 million in volume. Traders give that outcome just a 6% chance by December 31, and only a 1% chance of happening by September 30. Both outcomes rely on Binance one-minute candle data, with the market resolving “Yes” only if a new high print exceeds every prior candle high recorded since December 16, 2025.

The wide gap between those two dates shows how much skepticism traders hold about a near-term breakout. Ethereum’s all-time high sits near $4,946, reached in late August 2025. The current price of roughly $1,860 is about 62% below that peak, a gap wide enough that most bettors see little chance of a new record forming before the calendar turns.

Kalshi Traders Cap Expectations Near $3,210

Kalshi runs a parallel market called “How high will ethereum get this year?” Traders there price Ethereum above $3,500 at 15%, above $3,750 at 12%, and above $4,000 at 10%.

That market settles using the CF Ethereum Real Time Index and expires January 1, 2027.

ETF Inflows and Bitmine’s Growing Stash

The betting activity comes as Ethereum shows signs of institutional demand returning. Spot Ethereum ETFs pulled in roughly $72 million to $73 million in single-day inflows during recent sessions, led by Blackrock’s ETHA fund and Fidelity’s FETH fund. Cumulative net inflows into the ETF group have topped $11 billion.

Bitmine Immersion Technologies, the largest corporate holder of ethereum, has expanded its position to roughly 5.78 million coins, close to 4.8% of the circulating supply. The firm has continued buying even as it runs share buybacks, working toward a target of holding 5% of all Ethereum in circulation.

Exchange Outflows and Staking Tighten Supply

Exchange reserves have fallen to multi-year lows near 15.1 million ETH, down from more than 21 million a year earlier. Roughly 658,600 coins left platforms, including Gemini and Bitfinex, in recent weeks, a withdrawal worth more than $1.2 billion at the time.

Staking activity has also climbed, with reports showing close to 33.6% of ether’s supply now locked and validator exit queues dropping toward zero.

Glamsterdam Upgrade Still on Track

Ethereum’s next major protocol upgrade, known as Glamsterdam, remains on track for the second half of 2026. The upgrade includes enshrined proposer builder separation and a block level access list change built to let the network process transactions in parallel, along with a higher gas limit floor of 200 million. Mainnet activation is planned for the September to October window, pending stable results on public testnets.

Transaction fees have dropped to roughly 8 tenths of a cent recently, a sign that Layer 2 scaling continues to cut costs for everyday users. Lower fees and rising staking give traders on both platforms more data as they price where ethereum heads next.

What Comes Next

The pullback came alongside broader crypto weakness and rising Treasury yields, which pressured risk assets. Support has clustered near $1,850, with resistance building around $1,900 to $1,920.

The next several months will test whether ETF inflows, shrinking exchange supply, and accumulation from firms like Bitmine can outweigh macro pressure and push ethereum toward the higher end of its 2026 price targets.