Brothers, let's talk about the ETH trend this afternoon. This pullback needs to be monitored closely.

The current ETH price is in the range of 4263-4309, with a drop of over 3.5% in the last 24 hours, hitting a daily low of 4225. The key support at 4300 has been broken. Compared to last week's high of 4900, this is a nearly 13% pullback, quite significant. Worse still, over 500 million in cryptocurrency contracts have been liquidated in the last 24 hours, with nearly 90% being long positions, and ETH taking a large hit, with longs being heavily impacted.

There are two reasons for the decline: one is macroeconomic negativity, with the U.S. July PPI exceeding expectations, cooling Fed rate cut expectations, and a strong dollar putting pressure on risk assets; the second is on-chain selling pressure, with 87,000 ETH queued for withdrawal (about 3.76 billion), a historical high. Although unlocking takes 15 days, the concerns over selling have already fermented.

From a technical perspective, the support level at 4250-4200 (Fibonacci 50% + daily MA30) is the long position defense line, 4150 is the institutional cost area, and a drop below may test 3950-3800. The resistance level is at 4350 (4-hour EMA120), and breaking through can ease the bearish pressure; 4450-4500 is a dense area for shorts, making rebounds likely to encounter resistance.

Indicators show divergence: the 4-hour MACD is showing a death cross, and the Bollinger Bands are narrowing, leaning bearish; however, the 30-minute RSI is oversold (22.7), showing a lack of support divergence, and a reversal requires a strong bullish candle.

Today's operational guideline from Long Brother is: directly go long near 4220-4180, targeting 4280-4355. However, I must warn of risks; the current market sentiment is unstable, and if the support level is lost, it may continue to decline. Be sure to set strict stop losses during trading, and do not blindly hold positions. #ETH