Ethereum · 2026-07-23
That day's view: ETH closed July 23 at $1,878, posting an intraday decline of 2.89% — materially deeper than BTC's -1.54% — as the ETH/BTC rate extended the weakness seen since early July, retracing the prior relief bounce. Volume of 219,789 ETH printed a modest expansion versus the prior day, producing a price-down, volume-up distribution consistent with selling-pressure release. The three-signal framework reads (c-mix) — mixed long/short: funding-rate data was unavailable due to a Binance primary API SSL handshake timeout (partial data); open interest fell 1.69% (from 2,379,349 to 2,339,126), resonating with the price decline and indicating active short-side position closing. The Fear & Greed Index recovered from 29 the prior day to 31, improving alongside BTC — fear sentiment is easing at the margin. Net assessment: ETH currently prints a healthy pullback within a (c-mix) mixed backdrop; the weaker BTC/ETH rate shows ETH capital attention trailing BTC. A stable retest of the $1,869 intraday low would set up a second-entry opportunity; a clean break below the $1,850 round level warrants caution. Key watch items: the July 22 BTC options expiry impact has already landed, and the July 29 FOMC decision is the highest-impact event in the window; if the ETH/BTC rate weakens further, ETH's near-term rebound elasticity will remain capped.
Key Data
- ETH closing price: opened UTC 2026-07-23 00:00 at $1,934.26, closed UTC 2026-07-23 24:00 at $1,871.47 — window -2.89%
- Intraday range: high $1,941.50 / low $1,869.44, range $72.06 (3.73%)
- 24-hour total network volume: 219,789 ETH (~$419M)
- Perpetual funding rate: 4-period average -0.00182% (07-23 00:00 +0.00041% / 07-23 08:00 -0.00331% / 07-23 16:00 -0.00325% / 07-24 00:00 -0.00114%)
- Taker buy/sell ratio: 24h average 0.9932, latest 1.0601
- Retail long/short account ratio: 24h average 2.0102, latest 2.2113
- Top-trader long/short position ratio: 24h average 1.3424, latest 1.3896
- Open Interest (OI): 24h net -1.69%, currently 2,339,126 ETH
- Perpetual basis: stable in the -0.05% to +0.05% band
- Fear & Greed Index: 2026-07-23 print 31 (Fear)
24H Price Review
- Phase · Early (UTC 00-06): open $1,934.26 → $1,922.77, -0.59%, 6h volume 34,509 ETH.
- Phase · Late morning (UTC 06-12): open $1,922.78 → $1,926.04, +0.17%, 6h volume 44,230 ETH.
- Phase · Afternoon (UTC 12-18): open $1,926.03 → $1,878.31, -2.48%, 6h volume 102,559 ETH.
- Phase · Close (UTC 18-24): open $1,878.31 → $1,878.38, +0.00%, 6h volume 38,491 ETH.
Macro Calendar
- 🟡 2026-07-28 (Tue) · U.S. June Durable Goods Orders · Impact: Medium
- 🔴 2026-07-29 (Wed) · FOMC July rate decision · Impact: High
- 🔴 2026-07-30 (Thu) · Federal Reserve Chair press conference (Powell) · Impact: High
Bull vs. Bear
- Phase 3 (UTC 12-18) single-stage sell-off of -2.48% with volume concentrated at 102,559 ETH | printed the window low of $1,869.44 — classic 'event-driven concentrated selling' pattern
- OI 24h net -1.69% — both sides de-leveraging in sync | OI shed -40,223 ETH with both longs and shorts actively cutting positions — textbook de-leveraging state
- Taker sell-side dominance: 24h average 0.9932 < 1.0 — sellers in control | taker flow remains sell-side dominant throughout; although the late-session print of 1.0601 shows buy-side returning, price has yet to mount a meaningful rebound
- Phase 2 (UTC 06-12) single-stage rebound of +0.17% with volume of 44,230 ETH | printed the window high of $1,941.50 — classic 'post-event technical rebound' pattern
- Top-trader long/short position ratio 24h average 1.34 — institutions mildly long | whale L/S 24h average 1.34 / late session 1.39, showing institutions maintained a mildly bullish stance through the window
- Taker buy-side late-session 1.0601 > 1.0 — buy flow returning | late-session taker buy flow returning signals bid-side support building near $1,869.44