ETH is up slightly within a narrow range over the past hour, gaining 0.06%: a technical pullback after prior gains coexists with solid bid support

From 12:00 to 13:00 (UTC) on July 28, 2026, ETH saw narrow-range fluctuations over the hour, closing slightly higher by 0.06%. The price range was 1,874.83 to 1,878.74 USDT, with an amplitude of just 0.21%. Overall market volatility stayed low, trading activity was subdued, and the sentiment tone leaned toward waiting.

The primary driver behind this move was a technical pullback correction following the prior upswing. Over the past 24 hours, ETH fell about 3.38% from the high of $1,977 to around $1,890. Earlier, there was a lack of sustained positive catalysts, and combined with profit-taking sell pressure, this led to a short-term pullback.

Meanwhile, the U.S. Dollar Index hit a one-month high, and intensifying expectations of the Fed raising rates put some pressure on risk assets. In addition, Bitmine Immersion increased its holdings by nearly 10,000 ETH (about $19.4 million). While this reflects institutional allocation demand, it has limited direct impact on spot price. Order book data shows the bid-ask depth ratio is 7.76, with bids clearly in the lead. There is a large buy wall around $1,890.82, indicating strong support below the current level. On the technical side, the daily and 4-hour MAs remain bullish, meaning the intermediate uptrend has not been broken. However, the 15-minute MA turning bearish reflects short-term pullback pressure.

At present, the price is in a normal retest phase within the daily bullish trend. Low trading volume suggests the decline is more of a technical adjustment under low participation rather than a strong sell-off. Next, watch the $1,866 support level for validation; if it breaks, it could trigger further pullback. Also monitor changes in trading volume and the DXY trend, and be mindful of correlation risks driven by potential shifts in macro policy.