ETH: 15-minute short-term pullback of 0.71%. Ahead of the macro data window, capital is cautious, compounded by BTC pullback pressure.

From 13:45 to 14:00 (UTC) on July 20, 2026, ETH saw a short-term pullback within 15 minutes, with a Return % of -0.71%. The price range was 1857.62–1877.48 USDT, with an Ampl of 1.06%. Previously, ETH rebounded from the $1,843 low to above $1,896, posting a 24-hour gain of about 1.03%. However, with BTC falling by roughly 1.26% over the same period, ETH’s relative strength couldn’t be sustained, and short-term profit-taking emerged.

The main driver of this pullback is cautious funding sentiment ahead of the macro data window. This week, US and Europe PMI data are about to be released. Before macro uncertainty, markets typically reduce exposure to risk assets. Combined with profit-taking by earlier dip-buying funds, this creates short-term selling pressure. In addition, Order Book data shows that after an extremely high concentration of bids, the bids loosened quickly. An ultra-thin Order Book structure (only 1 level of data) can’t support large buy orders, leading to a rapid price drop.

As secondary factors, the correlation effect from BTC’s pullback cannot be ignored. The report notes that ETH’s independent strength versus BTC is difficult to remain unaffected when BTC experiences a sharp selloff, and the capital rotation effect further amplifies volatility. Meanwhile, although community sentiment is overall positive (Overall sentiment: 0.40, with the positive share at 88.9%), it remains cautious about “bull run signals,” and there’s no FOMO-driven chasing sentiment—indicating a strong willingness to take profits. On the technical side, ADX across all timeframes is relatively low (<25), suggesting the price is ranging and consolidating, with no clear trend support.

In terms of risk warnings, current Order Book liquidity is extremely thin; the actual trading depth may be insufficient to support large orders. Be cautious of rapid pullbacks caused by liquidity shocks. Key support levels to watch are $1,868–$1,870 (the K-line close area) and $1,843. Resistance levels are $1,896–$1,900. On the macro front, closely monitor this week’s US/EU PMI releases and Tesla’s earnings report (which involves BTC holdings), as they may trigger further volatility in the crypto market.