7.24 ETH market analysis $ETH

The ETH hourly chart continues to weaken, with the overall price action moving within a downward channel. The price has been under sustained pressure, trading below the EMA moving averages and being continuously suppressed by them. The MACD on the chart has already formed a death cross; both lines extend downward in sync, making the bearish trend signal clear. Trading volume has diverged significantly: the amount of active sell orders is higher than buy orders, and the bears currently hold the upper hand in the market.
At present, the indicators have entered the oversold zone, which only suggests that the pace of short-term decline is accelerating; it does not mean you can directly bottom-pick. Do not blindly enter long positions.
Judging from the liquidation data, a large number of long positions’ stop-losses are concentrated around $1,840–$1,860. Downside liquidity has ample sell-pressure. There is a possibility that the main players will probe lower to sweep stops and then fill the gap. $1,859 is the short-term key support “lifeline.” Once it is effectively broken, it could trigger a chain reaction of liquidations, and the downward move will accelerate further.
For trade direction, prioritize a high-short mindset first, and wait to enter only after a rebound shows signs of failing to gain traction.
Reference short entry range: $1,885–$1,890; if the chart stalls and lags, you can set up accordingly. Place the stop-loss above $1,895.
First, focus on whether the $1,859 support can hold. If it breaks successfully and decisively, look for a move down to $1,820.
If the price repeatedly tests $1,859 support but fails to break below it, promptly reduce positions to manage risk, and wait for the rebound to approach the $1,900 level before re-arranging short opportunities. #Gate事件合约首发狂欢