7.21 ETH morning market observation

Overnight, it followed the broader market to move in tandem, with synchronized fluctuations and a rise. In the early hours, it pushed up to around 1890, met pressure, and then dipped slightly. Overall, the market is showing a mostly repair-and-recovery pattern: there is sufficient buy-side support at lower levels, but during the rebound phase, incremental capital is limited. After the spike, a short-term pullback and shakeout is likely.

The near-term suppressed range is 1885-1900, while 1970 is a key medium-term strong resistance. Below, the core supports are 1860 and 1820. Short-term moving averages continue to provide support; as long as support is not effectively broken, the consolidation-repair structure remains intact. Over shorter cycles, bullish momentum is gradually warming up, but multiple attempts to test the overhead resistance have failed to achieve a breakout with volume. In the near term, it’s difficult for the market to move out of a one-way, strong uptrend.

Morning reference ranges:
1、Rebound to 1885-1900, defend above 1910, targets 1860 and 1820；
2、Pull back to 1820-1860, defend below 1790, targets 1890-1950.
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