Ethereum Analysis on August 1st
From the current trend of Ethereum, the market has formed a clear pattern of six consecutive downward days. During this time, there have been attempts to rebound, but the strength has always been weak, and the bulls have failed to organize an effective breakout; even when there occasionally appears some resistance buying, it has ultimately been strongly suppressed by the bears, resulting in a very limited rebound.
From the perspective of trading volume, the recent decline has been accompanied by a significant increase in volume, while the rebound has shown a characteristic of decreased volume. This divergence in volume and price further confirms the low market sentiment. Until a clear signal of a stop in the decline appears, the overall outlook should remain bearish.
Seng Ge's suggestion: Short positions can be set up around $3650-$3680 for Ethereum, with a short-term target aimed at $3550.
Continued attention: PUMP ENA SPK SOL DOGE BNB
