7.21 ETH Afternoon Market Observation

In the afternoon, it continues to consolidate at high levels in line with the broader market. After pushing up and holding the 1900 level intraday, the pace of the rally slowed down. There is insufficient incremental capital on the screen; multiple attempts to test the resistance above failed to break through with increased volume. In the short term, bullish momentum is gradually weakening, and both long and short sides have entered a range-bound battle.

The near-term bearish pressure range is 1900-1945, while 1970 is the key mid-term strong resistance. On the downside, the core supports are 1860 and 1835. Short-term moving averages continue to provide support; each time price retraces to support, there is buying absorption. As long as it has not effectively broken down below, the overall ranging-and-repair structure remains intact. Indicators on the short cycle show slight overbought signals; after the rally, there is a need for a pullback and shakeout.

Afternoon reference ranges:
1、Rebound to 1900-1945, defend above 1955, target 1860 and 1835;
2、Pull back to 1835-1860, defend below 1810, target 1900-1940.
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