In the ever-changing landscape of the crypto assets market, Ethereum ( ETH ) is facing a critical test. Recently, the ETH price has fallen from a high of $2635 to around $2505, and market sentiment remains cautiously watchful.

Technical analysis shows that ETH is currently in a delicate position. The 1-hour candlestick chart presents a Evening Star pattern, the moving averages are in a bearish arrangement, and both the MACD and RSI indicators show a weakening of short-term momentum. $2473 is a key support level, and if it breaks below this level, it could trigger further declines. The resistance zone above is between $2505 and $2635, and a breakout requires accompanying trading volume.

From a fundamental perspective, there are several factors worth noting. First, the Solana ETF may be approved in late July, which could divert some of the funds that would have originally flowed to ETH in the short term. Second, the Federal Reserve is set to announce its interest rate decision on July 31, which could impact the entire crypto assets market.

However, ETH also has its long-term advantages. Currently, the staking rate of ETH is close to 30%, which helps maintain supply tightness. At the same time, the Dencun upgrade and Proto-Danksharding testing of the Ethereum network are underway, which will further enhance network performance and scalability. The continued interest of institutional investors in ETH ETFs is also a positive signal.

Market observations show that there are large ETH transactions occurring today, with a unit price around $2575 and a total value close to $3 million. This indicates that the market remains active, but the forces of buyers and sellers are relatively balanced, and the market seems to be waiting for further catalysts.

Overall, ETH may oscillate within the range of $2473 to $2505 in the short term. Investors should closely monitor whether the support level at $2473 can hold, while also paying attention to external factors such as the Federal Reserve's decision and the approval of the Solana ETF. Although it may face fluctuations in the short term, the long-term outlook for ETH remains promising, as its network upgrades and continued influx of institutional investment may provide support.