7.29 Market Analysis: Ethereum is under pressure as it attempts to break previous highs, while Bitcoin shows weakness in correlation.

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In the early session, Ethereum (ETH) performed strongly, continuously rising from the low of 3727, currently reaching around 3885, approaching yesterday's high. In contrast, Bitcoin (BTC) showed a clear pressure, continuing to fluctuate narrowly around 119000 USD, failing to effectively follow up on ETH's gains.
Key Analysis:
1. ETH resistance shows signs: The current price of ETH is approaching yesterday's high point (around 3940), and this position constitutes a significant technical resistance. Observing the hourly and four-hour charts, the bullish momentum has not shown further strong extension signs, indicating insufficient sustained upward momentum and a short-term demand for a pullback.
2. BTC is struggling to follow the trend, and pressure is evident: BTC has failed to effectively break through in the context of ETH's strong rally, instead stagnating at a key level (around 119000), highlighting the heavy selling pressure above and increasing the possibility of a correlated weakening with ETH.
3. Morning Strategy Review: Our morning strategy based on resistance judgment for short positions unfortunately hit the stop loss and exited. However, the market has risen to the current high resistance zone, providing another good opportunity for high short positions.
Operational suggestions (time-sensitive, pay attention to real-time adjustments):
Ethereum (ETH/USD):
Current price strategy: It is recommended to directly place short positions around 3875.
Target: Short-term look towards 3800; if effectively broken below, further look to 3750 support level.
Stop Loss: Strictly set above 3940 (exit if it effectively breaks above the previous high).
Bitcoin (BTC/USD):
Current price strategy: It is recommended to directly place a short order around 119000.
Target: Look towards support near 117500.
Stop loss: Strictly set above 120500.
Technical reference points:
3750/3730( core support zone ).
BTC Key Levels: Resistance 120500 ( Stop Loss Reference/Strong Resistance ); Support 117500 ( Target Level ).
Important Reminder:
The above analysis and strategies are based on the current market trends and technical patterns at the time of publication.
The market changes rapidly, so please be sure to adjust your strategy based on real-time market dynamics and strictly set stop-loss orders to control risks.
The views expressed in this article are for reference only and do not constitute any investment advice. Please exercise caution in your operations.