🎙️【ETH0802 Morning Review｜It’s just a drop, not worthless!】
Good morning everyone, I’m your on-chain morning news courier, keeping an eye on the market while sipping on espresso.
First, the main point: ETH hasn’t been doing too well in the past 24 hours—dropping from $3,724 to $3,517, evaporating the joy of two cups of Starbucks. It even dipped to $3,495 at its lowest, almost falling into the psychological shadow zone.
📉 Technically, ETH has officially broken below the key support level of $3,590, with the MACD death cross continuing to widen, and the RSI dropping below 40, indicating weak short-term momentum. The market is like an ex, not really wanting to look back.
💰 The good news is: institutions haven't fled! ETH ETF has seen a net inflow for 20 consecutive days, raising over $5,400 million in July, and BlackRock’s ETHA is comfortably holding $10,000 million, a typical “I believe in you, but I’m not increasing my position.”
📰 On the positive side: The SEC has approved a new redemption mechanism for spot ETFs, and stablecoin legislation is advancing, keeping the ETH fundamentals solid.
📰 The downside? When the U.S. stock market falters, the crypto market follows suit, and market sentiment is a lot like dating: it’s not about logic, it’s about feelings.
🎯 Trading suggestions?
• If $3,500 can’t hold, don’t rush to catch the falling knife;
• Only consider taking light positions if there’s a rebound above $3,600 with volume;
• Medium-term players can accumulate in batches during the dip, don’t go all in at once, position allocation is key.
📲 Hit follow, with me tracking the market, no rush on the review, see you at the next resistance level!
