7.16 Midday “Two Breads” (ETH) Analysis

After surging to the 1946 high on a 15-minute timeframe, the price has been consolidating sideways for a long time, trading in a range and repeatedly battling around the moving averages. The bullish push has kept coming, but the momentum continues to fade. Multiple attempts to probe the prior high have failed to break through. After a sharp rise, the market has entered a high-level digestion phase. Incremental breakout-chasing capital remains persistently scarce, and the short-term profit-taking positions accumulated from the high-range consolidation are always at risk of concentrated take-profit. The center of gravity of the sideways movement has edged up slightly, but there is no breakout accompanied by increased volume. The 1946 resistance level overhead is heavy.

If the market cannot effectively hold above the prior high area, a high-level pullback and adjustment phase is about to begin. The trading approach should prioritize placing short positions in the rebound-under-pressure zones. Downside-wise, focus on the 1918 moving average support; once the closing price breaks below the moving average support, a deeper pullback is likely to unfold.
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