7.24 ETH afternoon market observation

Throughout the day, the overall market remains in weak conditions with range-bound fluctuations; in the afternoon, prices repeatedly tussle within the 1860-1890 range. Rising U.S. Treasury yields weigh on risk assets. The profit-taking that had been built up after pushing to the 1956 peak continues to be realized. ETF flows have seen a slight outflow. With no incremental capital support, the bulls’ short-term upward momentum has greatly weakened, and in the afternoon the focus is mainly on digesting the pullback sell orders.

In the short term, the 1900-1930 range remains a suppressing zone, with 1956 acting as the key strong resistance; below, the core supports are 1850 and 1820. The mid-term moving averages form a support base, and as long as the key supports are not effectively broken, the broader structure from the earlier rebound has not been completely destroyed. Short-term indicators remain weak, and there is still room to probe lower to test support levels.

Afternoon reference ranges:
1、Rebound to 1900-1930 箜, defend above 1950, targets 1850 and 1820;
2、Pull back to 1820-1850 哆, defend below 1795, target around 1890.
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