7.6 Monday ETH Morning Thoughts

The residual positive effects from the previous non-farm payroll data's easing stance have faded. Today, the US Dollar Index and US Treasury yields rebounded together, suppressing the valuation of overall risk assets. Ethereum weakened along with the broader market, with its rebound momentum consistently weaker than Bitcoin, and the preference for capital to cluster around BTC has not changed.
This round of rally is merely a recovery driven by short-term short covering, not a trend reversal. The logic of high interest rates suppressing the macro environment has not been lifted.
On the chart, the range of 1780-1810 USD is a strong resistance zone, where multiple attempts to break higher have been rejected, with concentrated trapped positions. Short-term support is at 1680 USD, and 1620 USD is the key level for the strength of this rebound; once lost, the short-term recovery will completely end.
On the 4-hour chart, bullish momentum continues to weaken, indicators are turning downward, and the bearish structure on larger timeframes remains intact.
Trading suggestion: short at 1790-1810, target 1750, if broken see 1700, if not broken reverse to long $BTC $GT $ETH