ETH 15-minute short-term pullback of 0.75%: The TBO resistance level is being blocked and compounded as BTC dominance rises, putting pressure on the market

On July 23, 2026, 12:30–12:45 (UTC), ETH quickly pulled back within 15 minutes, with a Return % of -0.75%. The price range was 1,903.64–1,919.1 USDT, with an Ampl of 0.81%. This move represents a mild retracement in a low-volatility environment. The trading volume was only about 2,405 units, overall market participation remained low, and intraday sentiment was cautious.

The main driver of this retracement is a confluence of technical resistance and structural pressure from funding. ETH was clearly rejected at the TBO (To-Be-Optical) resistance level. The pattern closely resembles the retracement seen in April–May this year. KITCO’s technical analysis indicates limited upside in the near term. At the same time, BTC dominance continues to rise, suggesting capital is rotating from altcoins such as ETH into BTC, creating structural suppression—this is the core force behind this round of pullback.

Besides the primary cause, several secondary factors also converged. The U.S. spot ETH ETF recorded a net outflow of $28 million on July 16. Fidelity FETH, BlackRock ETHE, and Grayscale’s mini ETH all saw selling pressure, and institutional capital remains relatively cautious in the short term. Around 08:00 UTC tomorrow, approximately $220 million worth of ETH options will expire. The put/call ratio of 1.29 is bearish, and the max pain effect may pin the price, adding downside pressure in the short term. Order Book depth is extremely thin (bids only 6.22 units; sell orders only 2.81 units). The bid and ask walls are tightly stacked near the current price, which can amplify near-term price swings. The community sentiment composite indicator is -0.53, leaning negative, with a clear divergence between bulls and bears.

What to watch now is the $1,950–$1,960 resistance zone. If it breaks through, it could open room toward $2,000. On the downside, watch support at $1,894–$1,880. BTC dominance trend, ETF capital flows, and how the market reacts after tomorrow’s options expiry will be key short-term indicators. Investors should remain alert to the risk of sudden short-term volatility caused by insufficient Order Book liquidity.