ETH slips slightly in the short term by 0.10%: TBO resistance holds it back as BTC dominance rises, and they sync for a pullback

From 12:00 to 13:00 UTC on July 23, 2026, the ETH price fell from 1,927.97 USDT to 1,922.26 USDT, dropping 0.10% within 15 minutes. The full-day amplitude/range was 0.30%. Overall, this is a mild pullback within a low-volatility environment, with limited trading volume (about 2,405 units) and lower market participation.

The main driver of this move was a technical pullback after ETH was rejected around the $1,950–$1,960 resistance zone on TBO (The Block Oracle). A KITCO technical analysis article explicitly notes that ETH’s current pattern resembles the pullback pattern seen in April and May, and that the technicals suggest near-term adjustment pressure. At the same time, BTC dominance continued to rise, pulling capital from altcoins like ETH into BTC and creating structural pressure.

Second, Deribit’s weekly options expiry (tomorrow at 08:00 UTC) brings about $220 million worth of ETH options expiring. The put/call ratio is 1.29, which is bearish, and the max pain effect may pin the price, creating a pinning pressure in the near term. The US spot ETH ETF recorded a net outflow of $28 million on July 16 (Fidelity FETH, BlackRock ETHE, and Grayscale mini ETH all saw outflows), and institutional flows are relatively cautious in the short run. Although Arthur Hayes bought a cumulative 3,270 ETH over the past 8 days (about $6.27 million), providing a confidence anchor for the market, it wasn’t enough to offset the bearish factors above.

There are still volatility risks. Keep an eye on whether the $1,950–$1,960 resistance zone can be broken; if it stabilizes, it could open up room toward $2,000. The downside support to watch is the $1,894–$1,880 range. The BTC dominance trend and ETF fund flows are key indicators, and the market Settlement Price after options expiry also needs monitoring.