Ethereum has broken through the high point of July 28 this morning, just a step away from the 4000 mark.

However, the volume-price signals remind us not to be overly optimistic:

Since August 3, the rising trading volume has been significantly lower than that of July, indicating a clear decrease in demand;

Today, after breaking the July 28 high, it quickly fell back, further validating the weakening upward momentum.

The decrease in demand lowers the probability of Ethereum continuing to rise.

There are mainly two possible scenarios for Ethereum's subsequent trend:

Scenario 1: Ethereum continues to rise and breaks through 4000, with a chance to reach above 4200;

Scenario 2: Ethereum has already peaked at this stage, and will decline next, with a certain possibility of forming a double top;

From the volume-price signals, Scenario 2 seems to be more likely.