7.29 ETH afternoon market observation

After the afternoon, it followed the broader market’s slight rebound to recover to around 1,890, but then came under renewed pressure and pulled back again, with the overall market maintaining a low-level, choppy consolidation pattern. Before the interest rate decision was released in the early hours, risk-averse sentiment in the market was strong. This asset showed stronger volatility; leveraged funds continued to cut positions for risk hedging. Rebound momentum was insufficient to keep up, and after pushing higher, selling pressure repeatedly surged. In the short term, the overall trend remains weak.

The near-term suppression range is 1,890–1,910. The prior high at 1,956 has been converted into a strong resistance for this phase. Below, the key supports are 1,830 and 1,800. After several consecutive days of downward movement, the indicators have entered an oversold range. At lower levels, there is some stage-by-stage follow-through support; as long as it does not break down effectively, the prior and mid-term consolidation structure has not been completely damaged.

Afternoon reference ranges:
1、Rebound 1,890-1,910,箜; defend above 1,930, targets 1,830 and 1,800;
2、Pull back 1,800-1,830,哆; defend below 1,780, targets around 1,880.
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