Current Status:
ETH is currently hovering around $3907, and the 1-hour chart looks like it's climbing halfway up a mountain. It just touched 3935 and is now slightly retreating; it's stuck between the resistance at 3905 and the critical level at 3866, like a sandwich caught in a vice.
Long and Short Battle Scene:
Bulls: The MACD green bars are still popping up (though they have become shorter), and the yellow and blue lines haven't crossed, indicating that there are still bets on an upward move.
Shorts: There is obviously selling pressure around 3935 (red pressure level), and the trading volume hasn't increased, like a crowd lined up to sell goods at the mountain top.
Today's Key Script:
Breakthrough Script: If it can hold 3905 and break through 3935 with volume, the next target is 3960-4000 (but be careful of the high funding rate in August, which indicates that the leveraged bulls might be a bit overheated).
Crash Script: If it falls below the critical level of 3866 (yellow moving average support), it could quickly slide to around 3800 looking for support, with the purple moving average being the last line of defense.
News Linkage:
Recently, there are expectations for upgrades in the ETH ecosystem (such as the proto-danksharding test in Q3 2025), but if BTC suddenly moves erratically, ETH will definitely follow for a roller coaster ride.
Operational Suggestions:
Short-term: Don't chase the price in the 3905-3935 range; wait for a clear direction (breakout/breakdown) before taking action.
Spot Traders: Below 3860, you can pick up bargains in batches, but don't go all in at once.
(The current basis is -0.056%, and the contract is cheaper than the spot, indicating that the market is not too FOMO, which is a calm signal.)
Summary: ETH is walking a tightrope today; it's advised to fasten your seatbelt and watch the drama unfold, waiting for it to choose a side!
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