Don't rush to bottom-fish! Ethereum may still decline!

The price is currently fluctuating around 3664, and the overall trend is downward. The increasing trading volume indicates that the market is offloading, and the selling pressure is evident. Yesterday (August 1), there was a large bearish candle that completely swallowed the rebound from the day before, indicating a weak trend.

Around 3610 is a key support level, and the current price is hovering near this level. If it breaks below, it may directly drop further. The next target may be 3600 or even lower. There is a chance for a rebound, but there is significant resistance between 3700 and 3800, making the likelihood of breaking through low.

So at this position, if you are still in the market, it is recommended to reduce positions on rallies and not hold on stubbornly.

If you haven't entered yet, don't rush to go long. Wait for it to stabilize at a lower price or for a strong bullish candle with high volume before considering a small position for testing. Focus on short-term trading and avoid getting too attached to a position.

The downtrend is not over, prioritize defense, and don't easily go long. Focus on observation or light short positions.