7.5 Sunday ETH Midday Thoughts

The rebound momentum triggered by the prior weak U.S. non-farm data continues to build. Today, overseas markets have finished the Independence Day holiday, and trading liquidity across the board has fully recovered. Ethereum continues to trade in a high-range, range-bound pattern. Overall, it moves in line with the broader market’s rhythm, but the rebound strength remains consistently weaker than Bitcoin’s, and the preference for capital to cluster around BTC has not changed.
From a technical perspective, $1,650 to $1,620 is the key intraday defensive support zone, and $1,600 is the watershed level for determining the strength of this rebound. As long as this level holds, once it is broken, the short-term corrective rally will be declared over. Above, the first significant resistance zone is $1,765 to $1,780, while $1,800 to $1,845 contains a large accumulation of previously trapped positions. Without the prerequisite of large incremental capital inflows entering, an upside breakout is extremely difficult.
The overall market is still in a consolidation phase within a downtrend. Upside room is already very limited, so it’s not suitable to blindly chase longs at high levels. In the short term, repeated tug-of-war at high levels is the main rhythm. The focus should be on watching for the pullback after resistance overhead holds its pressure, and preparing a risk-control plan in advance for a potential dip.
Trading idea: Short at 1780-1800, target 1740. If it breaks, you can look to 1700; if it doesn’t break, reverse and short $BTC $GT $ETH