Ethereum (ETH) recently dropped 1.51% to $3,593.60, breaking through the important technical support level of $3,600. This movement indicates that short-term correction pressure remains, affecting market sentiment.

Key Summary:

  • ETH Price: $3,593.60, down 1.51% for the day (data from OKX, August 5).

  • Breaking below the $3,600 threshold may lead to technical selling pressure and increased caution from investors.

  • Volatility is influenced by macroeconomic factors, whale actions, Ethereum network updates, and DeFi/NFT trends.

Market Perspective:
The $3,600 level serves as both a psychological and technical support level. Falling below this level increases the risk of a correction but also opens up opportunities for traders to capitalize on volatility.

However, ETH still maintains its position as a leading indicator for the crypto market. A recovery may come if macro factors stabilize, money flows return, and the Ethereum ecosystem (Layer 2, DeFi, NFT) continues to expand.

Conclusion:
ETH is currently in a phase of retesting the support zone. Investors should closely monitor technical factors, whale money flows, and macro developments to devise a reasonable strategy in the context of strong market volatility.

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