As of July 18, Ethereum (ETH) has continued its pullback in the high range, with the price consolidating in the $1,832–$1,836 range. Earlier this week, boosted by the U.S. June CPI and PPI both coming in below expectations, ETH briefly broke above the $1,900 level and hit a new high since early June. However, the good times didn’t last—after that, the price fell about 5.8% from the July 15 high of $1,946.62, slipping within a clear downward channel for two consecutive days.

From a technical perspective, ETH is currently at a key decision point. The Fibonacci 0.236 retracement level ($1,836.67), the EMA9 (around $1,829.60), and the lower boundary of the channel are clustering near $1,833, forming a triple convergence. Such multi-indicator overlapping support zones often imply an upcoming directional breakout rather than continued range trading. Strong resistance sits at the 100 EMA ($1,944). A break above it would confirm a mid-term trend reversal; if $1,800–$1,820 support fails, it could open the door to a deeper pullback.

Bull and bear factors are in a complex contest. On the bullish side, Bitmin holds 5.77 million ETH (4.8% of circulating supply). BlackRock and JPMorgan have both launched tokenized fund products that directly settle in Ethereum. U.S. spot Ethereum ETFs saw net inflows of nearly $97 million this week. On the bearish side, Asian semiconductor stock selloffs have spread to stock index futures; ETH’s decline is about twice that of Bitcoin, suggesting its narrative is closely tied to sentiment around AI infrastructure. While the ETH/BTC ratio has risen to a three-month high, macro risk-off sentiment remains a suppressing factor.

Overall, ETH’s mid-term bullish structure has not been broken, but near term it faces pullback pressure. Whether $1,830–$1,840 can be effectively held will be the near-term line in the sand for bulls versus bears. #夏日创作营