Analysis of Ethereum on July 31
Last night, ETH performed very strongly, rebounding from a bottom and breaking through the hourly resistance zone of 3820-3840 in one go, showing overall strength significantly higher than Bitcoin. Based on the current market situation, the overall market is maintaining high-level fluctuations, while ETH is taking the lead, showing short-term momentum for continuation.
In terms of operations:
Pay close attention to the 3880 level above; if it remains unbroken for a while, consider attempting a short position nearby, with the initial target looking for a pullback to 3750; if it breaks 3880, continue to look towards 3950. The switching pace between long and short positions in the short term should be quick to avoid missteps in timing.
