August 6th $ETH Trend Analysis
From a long-term perspective, the daily line closed with a small gain yesterday, with continuous upward movement in candlesticks but still within a high-level consolidation range, while the indicator in the attached chart is still running in a dead cross. After an increase on Monday, Tuesday did not continue the rise, but instead showed a significant pullback, indicating that the current market situation is difficult to sustain whether it is rising or falling; the trend remains in a consolidation phase. Before an effective breakout occurs, trading should primarily focus on short-term high selling and low buying.
On the short-term hourly chart, the US market continued the downward trend of the European market yesterday, with some recovery in the early morning. Currently, the candlestick pattern shows continuous gains, the attached indicator is in a dead cross but with decreasing momentum, and a short-term rebound is expected. The key resistance level above is around 3700.
Today's ETH short-term trading strategy:
Consider long positions near 3590 on a pullback, with a stop loss at 3560 and a target at the 3650 area;
If there is a rebound to around 3670, consider short positions, with a stop loss at 3701 and a target at the 3605 area.
Overall, maintain a range trading mindset, focusing on short-term high selling and low buying, and respond steadily to the consolidation market.
