7.28 Tuesday ETH morning outlook

On July 28, Ethereum followed the broader market into a sharp weakness. It is currently trading around $1,877, with a 24-hour drop of nearly 3.3%, and an intraday range of $1,842–$1,952. After testing resistance with a spike the previous day, it came under pressure and fell back. Combined with a rise in risk-off sentiment ahead of the Fed’s interest rate meeting, longs chose to take profits in a concentrated way, and the price repeatedly broke through key support levels. Since ETH volatility is higher than Bitcoin’s, this pullback has been relatively larger, and the chart has entered a weak consolidation and adjustment phase.
From a technical perspective, the first near-term resistance is locked at the intraday high of $1,952. The above mid-term heavy pressure is concentrated in the $1,980–$2,000 psychological zone. Only by seeing volume rise and holding above $1,950 can the short-term downtrend structure be reversed; otherwise it remains weak. On the downside, the key near-term support is $1,842, which is both the low of this pullback and the recent line between strength and weakness. If this level holds, there is still a chance for consolidation and recovery. Once there is an effective breakdown, the market will likely test the $1,800 defense level further down.
Trading idea: 1890-1910 ɑɖ@, target 1850-1820$BTC $ETH $SOL