ETH surges 1.86% in one hour: Robinhood Chain’s adoption of ETH as a gas token continues to fuel bullish momentum, with short-seller liquidations boosting a short-term rebound

During the UTC 0:00-1:00 window on July 13, 2026, the ETH/USDT price rose from $1,804.3 to $1,845.81, with a 1-hour return of +1.86% and a range of 2.30%. The overall market exhibited characteristics of a technical rebound, with the price recovering from the intraday low around $1,780 to nearly $1,832; the 24-hour gain was approximately 2.55%.

The primary driver behind this move was a fundamental catalyst: Robinhood Chain announced it would adopt ETH as a native gas token. This positive development continued to ferment across the community. When the traditional finance giant Robinhood chose ETH over issuing its own token, it validated ETH’s leading position as a decentralized finance settlement layer, strengthening market confidence in the long-term demand thesis for ETH. Fundstrat managing partner Tom Lee also publicly stated that this choice further solidified ETH’s status as “on-chain money,” providing medium- to long-term demand support.

Meanwhile, short-term buying triggered by short liquidations added extra momentum to the upside. When the price tested $1,824, a top-tier trading platform liquidated short positions worth about $213,500, and the short-stop-loss trigger pushed the price even higher. Additionally, Tether destroyed 3 billion USDT on the Ethereum chain that day—the largest scale since February 2026—which may affect the on-chain liquidity landscape. Order book data shows the bid/ask depth ratio is only 0.32, with sell-side liquidity clearly dominant. Around $1,831.66, there is a large sell wall of about 4.18 ETH, which may constrain short-term upside in the $1,832-$1,840 area.

On the risk front, the number of active on-chain addresses has fallen to about 420,000, roughly 46% below the previous peak, and weakening participation on-chain poses a concern. Technically, RSI is in a neutral range of 52-56, and low ADX suggests insufficient trend strength. Watch whether the $1,840 resistance can be broken with volume; if it pulls back on decreasing volume below $1,800, investors should be wary of a retest of the $1,718 support.