ETH slips slightly by 0.03% over 4 hours: Lido validators’ merger plan offers long-term support, but near-term selling pressure persists

From 04:00 to 08:00 (UTC) on July 29, 2026, ETH fell 0.03% over 4 hours. The price ranged from 1884.4 to 1895.96 USDT, with an Ampl of 0.61%. Overall, it showed a narrow-range consolidation pattern. The 24-hour rise was 0.74%. Market volatility was limited, and trading sentiment remained relatively muted.

The main driver behind this mild pullback comes from structural pressure at the Order Book level. The buy/sell depth ratio was only 0.33. The total volume of sell orders in the top 5 levels was 4.63 units, far exceeding the 1.51 units on the buy side. A large sell wall of 3.01 units (accounting for 65% of the total) formed at $1,895.39, clearly capping short-term upside. Meanwhile, Lido’s published validator consolidation plan allows effective balances to increase from 32 ETH to 2048 ETH, which is expected to reduce validator numbers by about one-third. This reform of Ethereum staking infrastructure is viewed as a long-term positive, providing bottom support for price.

In addition, multiple secondary factors contributed to hedging. The ETH withdrawal wave caused by BitMart’s closure has already been digested by the market, and the price has held up near $1,881. The negative impact from the Glamsterdam upgrade being delayed to the third quarter of 2026 has also been gradually absorbed. The on-chain movement of about 40,000 ETH (about $78.67 million) from Aave to a top exchange is worth watching, as it may suggest large investors’ plans to realize profits. On the macro front, expectations of a potential BTC bottom signal have led some capital to focus on major assets, but the correlation with that signal is relatively low.

The current market is a balance between bulls and bears. In technical terms, ADX across all timeframes is below 30, with no clear trend direction. In the short term, it is crucial to monitor whether the $1,880 support level breaks. If it does, a backtest toward $1,840 may follow. Overhead, $1,930 to $1,950 is the key resistance zone. Whether the sell wall in the Order Book can be gradually absorbed, the subsequent on-chain behavior after the 40,000 ETH movement, and whether BTC can confirm a bottom pattern will determine ETH’s short-term direction. It is recommended to watch key support and resistance levels and on-chain fund flows, and to stay cautious.