Ether (ETH) price experienced a drop of 18% to $2,826 between July 1 and July 8, but has since partially recovered to $3,100. Despite the dip, traders are regaining confidence, supported by onchain and derivatives metrics. The supply of Ether on exchanges continues to decline, suggesting a potential price rebound soon. The launch of the Ethereum exchange-traded fund (ETF) in the US is expected to boost the price further. Onchain analyst Leon Waidmann notes that 40% of Ether’s supply is locked, reducing the likelihood of short-term selling. Ethereum's layer-2 solutions have also seen significant growth, attracting investors seeking lower fees.