August 1st ETH Analysis

From the current Ethereum market trend, a clear pattern of six consecutive bearish candles has formed. During this period, there were attempts to rebound, but the strength remained weak, and the bulls failed to organize an effective breakout; even when there was occasional resistance buying, it was ultimately strongly suppressed by the bears, leading to 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 reduced volume. This phenomenon of divergence between volume and price further confirms the market's lack of enthusiasm. Until a clear signal of a bottom is observed, the overall strategy should remain bearish.

Big Brother suggests: Ethereum can be shorted around $3650-$3680, with a short-term target towards $3550. #币圈 $ETH