ETH falls sharply over 1 hour by 1.61%: speculative capital exhaustion and a macro risk-off sentiment trigger a short-term pullback

From 13:00 to 14:00 (UTC) on July 24, 2026, ETH fell 0.55% within the hour, trading in a range of 1,857.21 to 1,875.28 USDT, with an amplitude of 0.96%. The current offer is $1,868.47. Over the past 24 hours, the decline widened to 1.61%, and the session low hit $1,857.21. Market attention has increased and volatility has intensified, but the overall pullback remains mild.

The main driver behind this move is that after ETH rebounded from $1,550 to $1,950, speculative capital has been insufficient to break through the $2,000 psychological level. This, combined with a surge in Dollar yields and macro risk-avoidance sentiment triggered by the Middle East geopolitical conflict, has led to the exhaustion of long momentum and a price retreat. On the 4-hour timeframe, moving-average signals have turned bearish, confirming that short-term bears are in control.

Second, recent presales of meme coins have been active within the ETH ecosystem. Presale projects led by Pepeto have raised over $10.49 million and attracted 40k+ investors. On-chain funds are being diverted to speculative projects, further weakening ETH long sentiment. In addition, the current Order Book depth is extremely thin—there is only one effective quote tier, with total depth under 13 ETH (about $24,000). With relatively little capital, price swings can be substantial, and insufficient liquidity magnifies the size of the pullback.

Key levels to watch now are support at the $1,857 intraday low and the $1,800 round-number level. If these break, downside could accelerate. The $2,000 psychological level is a key resistance. On the macro front, track the Dollar yields trend, the Middle East situation, and signals from the Fed. Technically, RSI remains in a neutral zone, and downside room has not been fully capped. Short-term volatility risk still exists, so it’s advisable to monitor trading volume changes to gauge trend strength.