7.8 Wednesday ETH Morning Thoughts

The U.S. stock market opened with divergent trends, with the Dow slightly up, while the S&P 500 and Nasdaq turned down, leading to a sharp drop in the chip sector, with SanDisk, Western Digital, and Micron Technology all falling over 6%. Even SpaceX, which was officially included in the Nasdaq 100 index today, experienced a classic "buy the rumor, sell the news" pattern, falling directly after the positive catalyst materialized.
On the technical side, the immediate strong resistance is locked at $1790-$1800, which is the dense congestion zone for the previous double-top pattern. Lacking sentiment support from the tech sector, bulls will find it difficult to break through with volume in the short term. The intraday strength-weakness divide is $1750-$1757; stabilizing above this range maintains high-level consolidation, while breaking below directly weakens the short-term momentum. The medium-term core support is at $1720-$1730, which is the chip start zone for this rebound. The $1680 level is the trend lifeline for this rebound; once it is effectively broken, the repair rally that started from $1560 will come to an end, with targets lower at $1640 and $1600. On the 4-hour MACD, the red bars are continuously shrinking, indicating a clear decline in bullish momentum.
Operation suggestion: Short at $1775-$1795, target $1745, and if broken, see $1725$BTC $ETH $SOL