Is this rebound after $ETH just a "flash in the pan" after a crash???
Before breaking through the 3600 level, all increases are just an illusion; now blindly chasing long positions is undoubtedly giving money to institutions!
First, let's look at the institutions' small moves: On August 1, although the ETH ETF had a net inflow of 8183 coins, the whales sold off 38,000 ETH in the past week, cashing out a staggering 138 million USD! This is clearly a strategy to inflate stock prices for unloading, and this old trick has long been played out in the crypto world; do not be fooled.
Looking at the technical side, it’s even worse across the board. The 4-hour MACD is still hovering below the zero line, the golden cross is weak and ineffective, offering no support; the middle band of the Bollinger Bands just touched 3550 USD and then turned downward, with a dense cluster of sell orders in the 3550 - 3600 USD range, creating heavy resistance to upward movement.
Ironically, what should have been a beneficial upgrade has turned into a negative in the short term. The Pectra upgrade indeed allows for Layer 2 expansion, which is a good thing, but on-chain transaction fee income has plummeted by 30%, miners and large stakers are rushing to sell off for cash, who still cares about so-called long-term value?
The strategy is very clear: near the 3500 level, try long positions with light holdings, targeting 3600 USD; near the 3600 level, decisively go short with heavy holdings, initially targeting 3520, and add to the short position if it breaks below 3400, with an ultimate target of 3250. Support levels are 3400→3350→3250, while resistance levels are 3600→3700→3850.
Stop believing in the nonsense about "stabilizing at 3500!" You should know that institutions are all below 3200 USD, and now they are inflating stock prices, just waiting for retail investors to take the bait!
