ETH is up slightly by 0.53% over the past 15 minutes: technical resistance is holding it back, compounded by rising BTC dominance that suppresses near-term performance

From 13:30 to 13:45 (UTC) on July 23, 2026, ETH/USDT closed at 1,908.27 USDT. Over those 15 minutes, it rose 0.53%, with a price range of 1,898.05–1,908.27 USDT and an amplitude of 0.54%. The intraday overall fluctuation was about 3.2%: it fell from the intraday high of 1,956.41 to 1,894.55. Overall, this was a mild pullback in a low-volatility environment.

The main driver behind this move was a technical pullback after ETH failed to break the key TBO resistance zone (around $1,950–$1,960). The technical pattern is similar to the pullback seen in April–May. KITCO’s technical analysis clearly pointed out that ETH is struggling at this resistance level. Combined with rising BTC dominance, capital flowed from ETH and other altcoins into BTC, creating structural pressure.

Second, in the long run, the bullish narrative (institutional demand, Stake growth) still supports the expectation of a bottom, but no real buying catalyst formed in the short term. Ethereum Foundation holdings account for only about 0.085% of the total supply (about $270 million), so the risk of sell pressure is limited. Notably, about $220 million worth of ETH options expires the next day at 08:00 UTC. The put/call ratio of 1.29 is slightly bearish, and the max pain effect may lead to a short-term price pin. Arthur Hayes bought a cumulative 3,270 ETH over the past 8 days, but the U.S. spot ETH ETF recorded a net outflow of $28 million on July 16, suggesting institutions remain cautious in the near term. The community sentiment composite index is -0.53, indicating a negative bias, with clear disagreement between bulls and bears.

In the short term, watch to see whether support near $1,900 holds effectively and whether the $1,950–$1,960 resistance zone can be broken. If BTC dominance continues to rise, ETH’s relative performance may remain under pressure. Tomorrow’s options expiry and ETF fund flows will be key indicators to monitor.