7.28 ETH early-morning market observation

In the early hours, it followed the overall market with a narrow-range consolidation at the high level. The current price is consolidating slightly around 1935. It led gains among mainstream assets yesterday, as shorts exited en masse driving the rally. However, before today’s interest rate decision is released, market participants are highly cautious, and liquidity is weak in the early morning. After the price pushed up, short-term profit-taking gradually got realized; the upward momentum has clearly slowed down, and overall it is mainly digesting the recent gains at high levels.

The near-term resistance zone is 1970-1990, with the 2000 integer level acting as a phase-strong resistance; key supports lie at 1920 and 1900. The pressure level broken out yesterday has turned into support. As long as it has not effectively broken down below, the prior short-term rebound-and-up structure remains intact. Short-term indicators have only slightly entered the overbought zone, and further upside room is limited.

Early-morning reference ranges:
1、For rebounds 1970-1990, hold defense above 2010; targets are 1920 and 1900;
2、For pullbacks 1900-1920, hold defense below 1880; targets look toward around 1960.
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