ETH jumps 1.86% in one hour: Robinhood Chain’s use 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 period 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 broader market showed technical rebound characteristics: price rebounded from the intraday low around $1,780 to near $1,832, with a 24-hour gain of about 2.55%.

The main driver behind this move was a fundamental positive catalyst: Robinhood Chain announced it would adopt ETH as a native gas token. The news continued to build momentum within the community. Robinhood—rather than issuing its own custom token—chose ETH, which validated ETH’s dominant role as a decentralized finance settlement layer and strengthened market confidence in the long-term demand logic for ETH. Fundstrat managing partner Tom Lee also publicly commented that this choice further solidifies ETH’s position as “on-chain money,” providing mid- to long-term demand support.

At the same time, short-term buying pressure triggered by short liquidations added extra fuel to the upside. When the price tested $1,824, a large trading platform liquidated short positions in bulk totaling about $213,500, and short stop-loss triggers pushed the price even higher. In addition, Tether destroyed 3 billion USDT on the Ethereum network that day—the largest since February 2026—potentially impacting on-chain liquidity dynamics. Order book data shows the bid-ask depth ratio is only 0.32, with sell-side depth clearly dominating. Around $1,831.66, there is a large sell wall of about 4.18 ETH, which may limit upward momentum in the short term in the $1,832–$1,840 area.

On the risk front, active on-chain addresses have fallen to around 420,000, down about 46% from the earlier peak, and weakening participation on-chain poses a concern. Technically, RSI is in the neutral 52–56 range, and a low ADX indicates insufficient trend strength. Traders should watch whether the $1,840 resistance level can be broken with increasing volume; if it pulls back on declining volume back below $1,800, there should be caution over a retest of the $1,718 support level.