7.23 ETH Analysis



On a one-hour timeframe, the Bollinger Bands structure shows the price surged to test the upper band at 1953 but faced resistance and pulled back. The current price is trading near the Bollinger middle band around 1931, which forms a short-term threshold for defending between bulls and bears. The upper band is gradually flattening, upward impulse momentum has weakened, and the channel expansion pace has slowed.

The RSI stays around 53 in a neutral range, not entering overbought or oversold territory, with no clear divergence signal. In the recent candles, a high-level consolidation pattern has formed: after pushing higher, there were consecutive adjustment candles. Near term, bullish driving force has weakened. Going forward, focus on whether the middle-band support remains effective. If it is lost, price may seek support near the lower band; if price holds above the middle band, it may attempt to retest the previous high again, with the ranging/volatility-trading pattern likely continuing.

Trading recommendation: 1950-1980🈳, target 1870-1800.
ETH-0.02%
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