8.6 Wednesday Morning ETH Analysis

Ethereum dropped to around 3555 last night and then fluctuated in a small range in the early morning, rebounding to the 3624 area before pulling back again, indicating limited rebound strength.

From the 4-hour chart, after the price fell to the 3354 area, the market rose northward, breaking the upper track, but eventually came under price pressure, resulting in a 6 consecutive bearish candles. The pattern is beginning to weaken, and as the bearish trend is presented in the hourly chart, there is still a tendency for further downside in the smaller timeframe. Therefore, it is recommended to approach the market with high short positions in the morning.

Referencing the short positions in the 3610-3630 area, looking at 3540-3500. If broken, continue to look down; if not broken, switch to long positions. $ETH