7.8 Wednesday Afternoon ETH Thoughts

Ethereum is currently around $1751 in the afternoon, with a 24-hour slight decline of about 1.7%. After a rebound this week, it has entered a high-level profit-taking phase, with heightened risk aversion in the broader market. It is weakening in tandem with BTC, and daily trading volume has noticeably shrunk, indicating insufficient buying momentum.
The recent rally encountered resistance at the dense chip zone around $1800, where there is significant historical trapped supply. Coupled with minor outflows from spot ETFs in the short term and potential selling pressure from increased exchange holdings, the market is under pressure and pulling back. Technical indicators are in a neutral range, with slowing upward momentum and no clear reversal signal yet.
Key short-term ranges are clear: the first resistance above is $1797-1810, and a strong breakout with volume is needed to resume the rebound, with strong resistance at $1830; short-term support lies at $1750-1757, with a core defense level at $1730. A break below this level would lead to a retest of the $1715 area for support.
Trading suggestion: short at 1775-1795, target 1745$BTC $ETH $SOL