The weekly Bitcoin chart shows a long upper shadow on a bearish candle, whether it is a bearish candle after breaking new highs with increased volume makes the weekly pattern look very grim; however, ETH surged last week, rising over 26% in a single week;

Currently, the market may continue to rise due to inertia, especially ETH; historical data shows that in July, the net leveraged short positions in ETH reached a historical peak, which could be an important reason for the recent surge in ETH. ETH had been performing weakly in previous months, being referred to as a short seller's ATM. The number of short positions was too high, and with the previous thorough washout, ETH's recent rally indicates a clear short squeeze, with many bears becoming fuel for ETH's significant rise.

From a specific point of view, ETH at $3740 is a dividing line; falling below it may lead to a short-term adjustment, while the immediate resistance level is at $3850, with the extreme position around $4000. However, whether it will encounter significant resistance and a major pullback will still depend on Bitcoin's performance.

Bitcoin's performance has been relatively average lately; after breaking new highs, it is acting like before: retracing and oscillating. In the short term, $115,000 is a dividing point; falling below it may trigger a noticeable pullback.