7.17 morning $ETH analysis

After the 15-minute timeframe surged to the 1946 high point, the trend completely reversed. In the medium to long term, the EMA30 has turned downward and has continuously suppressed the price. The market is currently throughout moving in a choppy downward channel; short-term rebounds are all downward “repair” moves, and there is no strong reversal signal. Each round of rebound lacks incremental buy-side participation. After touching short-term resistance, price quickly comes under pressure and falls again. Candlesticks have repeatedly closed with long upper wicks, forming bearish patterns. Bullish buying intent continues to fade. During the earlier phase, long positions entered at high levels accumulated a large amount of unrealized profit; during the rebound stage, profit-taking has been concentrated to exit the market. The overhang from trapped longs and sell pressure above continues to worsen. If the market cannot regain the 1895 resistance threshold with increased volume, the choppy downward tempo will continue. The trading approach is to set up short positions in line with rebounds against resistance. The key focus below is the 1850 critical support; once support breaks, the depth of downside room will be fully opened.

Analysis: short around 1860-1880, first target 1830, second target 1800, defense 1895
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