Wang Pang combines the latest ETH market trends, analyzing from technical signals, capital movements, and macro factors for everyone’s reference:

1. Technical Signals

Although the MACD bars are still positive, they are shortening. The KDJ value is 40 (neutral), indicating that the upward momentum has weakened, and short-term downward pressure has increased. If the price breaks below the support at $4250, $1.553 billion of long positions may be liquidated, posing a risk of accelerated decline.

2. Market Sentiment

Market sentiment is quite weak right now. Even with positive data like PMI, it may be viewed as negative. Retail investors tend to sell at highs, making rebounds difficult and susceptible to negative news. The funding rates on major exchanges are also low, with Binance at only 0.0019%, indicating that there are more bearish participants and that shorts are prevailing.

3. On-chain and Capital Movements

Although whales and institutions are buying, the Ethereum Foundation has deposited 10,000 ETH to Kraken for sale, stating it’s for fundraising purposes, which will increase short-term selling pressure.

4. Macro and Seasonal Factors

September has historically been the worst month for ETH, with an average drop of 6.42%, representing a seasonal bearish trend. Moreover, the opening of U.S. stocks tonight may bring volatility; if U.S. stocks open low, ETH may be dragged down.

Key Level References

• Support Level: Focus on the $4250-$4200 range. If it breaks down with high volume, the next target could be $4000 or even $3800.

• Resistance Level: The upper resistance is at $4380-$4400 and $4499.

Wang Pang's suggestion: Open a light short position near $4395—$4375, targeting $4335—$4295. Finally, a reminder: the market changes quickly, so it’s important to defend well and preserve your capital as the top priority. #ETH🔥🔥🔥🔥🔥🔥