7.24 ETH morning market observation

The overall market is weak in sync, dragged down by higher offshore yields. After yesterday’s rally to the 1956 high, it met resistance and fell sharply; in the morning, it moved sideways weakly around 1870. Profit-taking by holders at high levels is concentrated; for an upside push, there is a lack of incremental funding support. In the short term, bullish momentum has clearly weakened, and morning trading mainly focuses on pulling back to test support.

The near-term suppression zone is 1900-1930, with 1956 acting as the key strong pressure point. Below, the core supports are 1850 and 1820. Medium-term moving averages form the baseline support; as long as there is no effective breakdown of the key supports, the broader structure of the prior rebound has not been completely destroyed. Short-term indicators are relatively weak, and there is still room for further pullbacks to test support.

Morning reference ranges:
1、Rebound 1900-1930 zone, defend above 1950, targets 1850 and 1820;
2、Pullback 1820-1850 zone, defend below 1795, target around 1890.
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