ETH 15-minute pullback of 0.72%: A firmer US dollar and synchronized rate-hike expectations from the Fed triggered short-term selloffs

From 17:00 to 17:15 (UTC) on July 28, 2026, ETH quickly dropped within 15 minutes, with a return of -0.72%. The price range was 1912.13–1925.91 USDT, with an amplification (Ampl) of 0.72%. Previously, over the prior 24 hours, ETH fell from about $1,966 at its high to around $1,876, and the 24h decline was 4.41%, showing clear signs of a broad pullback, with interest heating up rapidly and volatility increasing.

The main drivers of this move were a stronger U.S. Dollar and rising expectations that the Fed would raise rates. The DXY hit a one-month high; rate-hike expectations pushed capital flows into traditional stable assets, placing broad pressure on the crypto market and triggering a pullback. As a risk asset, ETH followed the downturn in major coins such as BTC (-2.62%) and SOL (-4.07%), confirming this was a system-wide contraction in risk appetite rather than an ETH-specific event.

Meanwhile, institutional accumulation provided some bottom support but was unable to reverse the downtrend. Bitmine Immersion recently increased its holdings by nearly 10,000 ETH, aiming to control 5% of the total supply. Near $1,890, a large buy wall appeared, and the buy–sell depth ratio briefly rose as high as 7.76, but the tighter macro environment ultimately limited upside rebound space. The current order book shows bids in control (buy–sell depth ratio of 0.46). A large sell wall at $1,875.85 accounts for 50.1% of the top order book, and there is only one available order-book level, with extremely shallow liquidity—so even a small amount of capital can cause significant volatility.

In the short term, closely watch the $1,866 key support; if it breaks, the downside could accelerate and test $1,856 (the 24h low). Resistance is in the $1,890–$1,905 range. On the macro front, keep a close eye on the Fed’s rate decision meeting, the DXY trend, and the progress of the CLARITY bill. Given the extremely low liquidity in the current order book, price swings may be amplified. Traders are advised to trade cautiously and monitor on-chain fund flows and the correlation effects with BTC.