ETH: After a pullback to around 3,100 points on the daily level yesterday, it quickly surged, closing with a long lower shadow candle, demonstrating a healthy upward trend.
Currently, the market is stagnating around 3,400 points, which aligns with the trapped area formed after the launch of the Ethereum ETF at the end of July. From the 1-hour chart, the significant resistance was at 3,230 points yesterday, which can now serve as the key support line for today’s bullish outlook.
The bullish sentiment remains dominant above today, while the key support at 3,230 points should be closely monitored, and operations should pause for the pin phenomenon to pull back to 3,160 points.
