Ethereum broke down again on August 3rd! Is a southbound move confirmed? Has the bearish feast officially begun?
Today's ETH market continues its southbound breakout.
It hit a low of 3353. Although it has rebounded slightly to around 3458, the overall bearish structure remains intact.
Technical Analysis:
Boll Bands are showing a downward expansion → a typical bearish trend signal
KDJ recently formed a golden cross but remains at a low level → a slight rebound is possible in the short term, but the probability of a reversal is extremely low
Trading volume is sluggish → lack of appetite for rebounds, and investor sentiment remains bearish
Key levels for bull-bear game: Upper resistance: 3550-3640
If 3650 cannot be firmly established, bears are likely to continue to dominate the market
Lower support: 3300-3200 area, which may be the next target for bearish trading
Trading strategy recommendations: Maintain a bearish mindset, and short on rebounds, short-term long positions should be cautious on pullbacks with strict stop-loss orders. Avoid blindly buying dips as the broader trend remains unchanged.
Ethereum is currently at another critical juncture: will it continue to consolidate? Or will it break through the previous low? The market never waits for the hesitant.
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