Ethereum (ETH) Full-Day Movement on July 8, 2026

I. Real-Time Price (as of 21:15)

Current Price: $1,737–$1,740, 24H decline 1.8%–2.0%

- Intraday Open: $1,782
- 24H High: $1,812.6
- 24H Low: $1,725.3
- Equivalent to about 11,800 yuan
- Intraday volume shrank 9.18% compared to the 30-day average, buying pressure relatively weak

II. Intraday Market Recap

1. Morning Rally (0–10:00)
Continued the slight rebound momentum from previous days, peaking at $1,812, testing the $1,800 round-number resistance, but volume was insufficient and bulls failed to hold.
2. Midday Plunge (10–16:00)
Sudden geopolitical conflict in the Middle East (tensions between the US and Iran over the Strait of Hormuz) drove global capital toward safe havens, triggering a broad sell-off in risk assets; Bitcoin fell below 63k, and Ethereum quickly dropped in tandem, directly breaking the key support at $1,750.
3. Evening Low Consolidation (16–21:00)
Prices hovered in a narrow range of $1,725–$1,750, repeatedly testing support around $1,720, with weak rebounds. The 50-day moving average at $1,790 formed strong resistance, and short-term bears dominated.

III. Core Drivers of the Decline

1. Geopolitical Risk Aversion
Escalation in the Middle East led funds to exit high-risk assets like crypto and flow into crude oil and the US dollar for safety. The entire market fell, with ETH declining more than BTC, underperforming the broader market.
2. Weak Macro Liquidity Expectations
The market awaited the evening US ADP employment data and the early-morning Fed minutes; if employment data is strong, it would reinforce expectations that the Fed will not cut rates this year, further suppressing crypto valuations.
3. Technical Breakdown Signals
Lost the 20-day moving average (around $1,790), all short-term moving averages turned downward; volume continued to shrink, rebounds lacked incremental capital support, and multiple resistance layers piled up above.
4. Weakening Sentiment and Capital Flow
Ethereum ETFs continued to see small net outflows, the ETH/BTC ratio remained low, capital favored Bitcoin as a safe haven, and capital diversion from the Ethereum ecosystem was evident.

IV. Short-Term Key Price Levels

Resistance (top to bottom)

1. First Resistance: $1,750 (support broken today now turns into resistance)
2. Strong Resistance: $1,790–$1,800 (50-day moving average + intraday high range)

Support (high to low)

1. Short-Term Support: $1,720–$1,725 (intraday low)
2. Mid-Term Defense: $1,700 round number
3. Strong Support: $1,650

V. Key Points to Watch Ahead

1. Evening US ADP Employment Data: If data significantly exceeds expectations, ETH will likely test $1,700; if data is weak, it may recover to above $1,760.
2. Early-Morning Fed Minutes: Focus on officials' stance regarding the timing of rate cuts.
3. Whether the Middle East situation escalates further; if the conflict expands, the crypto market will continue to weaken.

Risk Warning

Cryptocurrencies are extremely volatile. This market analysis is solely an objective compilation of market information and does not constitute any investment advice. High-leverage trading carries the risk of substantial losses. Please trade cautiously.