7.20 Order Book Observation: ETH

Today’s overall trend followed the broader market with a slight rebound. Throughout the day, it stayed in range-bound consolidation; after a minor push higher, it met selling pressure and stalled. Trading activity was not very hot overall. During the rebound phase, capital follow-through was limited. Bulls and bears repeatedly pulled back and forth at key price levels, and there is no clear directional trend yet.

In the short term, the range suppression is 1860–1890, and 1900 is a major strong resistance for the medium term. On the downside, the core supports are 1820 and 1780. In recent days, buy-the-dip at lower levels has been sufficient. As long as support is not effectively broken, the short-term repair structure has not turned bad. Indicators on the short cycle show that upward momentum is gradually weakening; multiple attempts to probe the upper resistance have failed to break through with increased volume.

Reference ranges:
1. If price rebounds to 1860–1890, defend above 1900, with targets at 1820, 1780, and 1750;
2. If price pulls back to 1750–1780, defend below 1720, with targets at 1830–1860. #ETH