7.20 morning bull analysis $ETH

Market logic:
On the 15-minute timeframe, after pushing up to the 1891 high point, the bulls’ momentum was exhausted. Price pulled back and is under pressure while trading below the short-term EMA7. The EMA30 only provides weak bottom support. The market is currently in a pullback and repair channel after a high. Any short-term rally is only a short-lived impulse; there is no trend-reversal strength signal. During the rally toward the highs, volume expanded; during the subsequent pullback, volume has been shrinking continuously. Each time there is only a modest rebound, there is no additional buying follow-through. When price reaches overhead resistance, it quickly retraces. It has printed consecutive weak candles with upper wicks. The bulls’ willingness to hold and accumulate continues to fade. Short-term profits at high levels use the rebounds to take profits and exit in a concentrated manner. Overhead selling pressure keeps increasing. If the market cannot break out with volume and reclaim the 1891 resistance level, the choppy pullback rhythm will continue. Key support below to watch is the 1871 EMA line; once that support breaks, the room for a deeper retest opens up to the prior low at 1850.

Analysis range: short near 1890–1910, first target 1860, second target 1830, defense 1940
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