7.24 ETH afternoon market observation

Throughout the day, the broader market stayed in weak consolidation with cross-market linkage. In the afternoon, prices repeatedly battled back and forth in the 1860-1890 range. US Treasury yields moved higher, weighing on risk assets. The profit-taking that had accumulated after the earlier push to the 1956 peak continued to be realized. ETF flows saw a slight outflow; the bulls lacked incremental capital support. Short-term upside momentum was greatly weakened, and in the afternoon, price action mainly focused on digesting pullback sell positions.

In the short term, downside pressure is concentrated in the 1900-1930 range, with 1956 acting as the key strong resistance. Core supports are 1850 and 1820. Medium-term moving averages form a floor; as long as the crucial supports have not been effectively broken, the earlier rebound’s larger structure has not been completely destroyed. Short-term indicators remain weak, and there is still room to test lower and probe the support at the lows.

Afternoon reference ranges:
1. Rebound 1900-1930, keep defense above 1950, targets 1850 and 1820; (箜)
2. Pull back and retest 1820-1850, keep defense below 1795, targets around 1890. (哆)
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