ETH dips 0.02% in 15 minutes: technical resistance test hindered by macro risk-avoidance sentiment resonance

On July 10, 2026, from 01:00 to 02:00 (UTC), ETH traded within the range of $1,738.31 to $1,744.39 USDT, with an amplitude of 0.35% and a slight decline of 0.02% in return, indicating limited overall volatility but a clear increase in market attention.

The minor decline was mainly driven by a failed test of technical resistance levels. ETH continuously tested the key resistance zone of $1,803–$1,804 in early July, reinforced by the Supertrend indicator and the 50-day EMA, resulting in multiple unsuccessful attempts to break through and triggering short-term technical sell-offs. Meanwhile, the open interest of 16 million ETH at a record high suggests that many leveraged positions are closing or reducing near the resistance, further amplifying selling pressure.

Additionally, a contraction in macro risk appetite created a resonance effect. During the same period, BTC fell 3.4%, HYPE dropped over 9%, and BONK declined more than 8%, with the overall crypto market showing risk aversion. As a high-beta asset, ETH was under significant pressure. The ETH/BTC ratio has fallen to a multi-year low of 0.0271, adding extra downward pressure relative to BTC’s weakness. Regarding institutional demand, ETF fund flows slightly improved but remained weak overall, and regulatory uncertainty surrounding ETH staking yields persisted, limiting institutional buying.

The market is at a critical decision point, with open interest at a record high while prices remain relatively low. Historical data suggests a potential directional breakout within 7 to 14 days. Investors should closely monitor changes in perpetual contract funding rates, exchange net flows, and volume expansion signals. Short-term volatility risks remain, and attention should be paid to the support zone of $1,750–$1,850.