Ethereum 4-hour Market Analysis (July 23, 2026)

I. Trend Overview

Looking at the 4-hour cycle, this round of price action has formed a very healthy upward structure: the price successfully broke through the 1800 key resistance zone, surged above 1900, then pulled back to confirm 1800 support, and subsequently launched upward again. Overall, the pace of the rally is solid.

Since the start of this leg, although the MACD indicator has begun to show signs of a top divergence (hidden bearish divergence), and short-term upward momentum has somewhat weakened, the larger-scale bullish structure has not changed in essence. MACD is still operating above the zero axis, and the core upward trendline has not been effectively broken downward—so the main direction of the market remains driven by bulls.

II. Key Patterns & Response Strategy

Current price is forming a double-top pattern in the key resistance area. Going forward, you can set up two operation paths based on the outcome of whether the resistance levels and the neckline are broken:

1. Upside breakout path: If the price effectively breaks above the resistance level corresponding to the double top, the double-top pattern will be invalidated, the uptrend will continue, and the upside targets can be watched around the 2070 area;

2. Downside breakdown path: If the price falls back and effectively breaks below the double-top neckline, the double-top pattern will be officially confirmed, the short-term trend will weaken, and the market will enter a pullback and decline phase.

III. Core View & Trading Suggestions

In terms of trading, it’s recommended to patiently wait for signal confirmation, and the overall thinking is biased toward the long side.

Although the MACD top divergence presents a potential risk of a pullback, with the trendline support still intact and MACD maintaining a bullish structure above the zero axis, the trend priority is higher. Based on the combined judgment, this round of upward movement still has the momentum to push higher.