ETH Short-term Snapshot (07/24)

Ethereum is currently at $1,877, down nearly 3% in 24 hours. It has already broken below MA21 ($1,917) and MA55 ($1,888). There is a risk of a bearish cross in the short-term moving averages. The only nearby support is MA144 ($1,797). MACD has just formed a bearish cross and momentum has turned negative, favoring the bears. However, KDJ’s J value has fallen to -3, entering the oversold zone, and a technical rebound may occur in the short term. In terms of trading, on rebounds watch for resistance around $1,917, which can be treated as a high-side reference for shorting; the first major support below is $1,823, and if it breaks, look to $1,797. The market is currently in a bearish consolidation, but oversold conditions are not ideal for chasing shorts—wait for signs of stabilization before entering. Volatility is high, so manage position size carefully.