Validity of support level is questionable: The range of 3300-3350 is below the recent major support (3481.7 USD). If market sentiment is bullish (e.g., if the ETH/BTC ratio stabilizes at 0.03), it may be difficult to reach this position, and one should be wary of missing out risks. Macroeconomic and policy disturbances: Expectations of a Federal Reserve interest rate cut (documents 2, 4) or an unexpected inflow of ETH ETF funds may prematurely end the correction, leading to stop-loss on short positions; conversely, regulatory negatives may accelerate the breach of support, requiring dynamic adjustment of the range.

7.20 Ethereum Perspective

In the early morning, Ethereum oscillated around 3525, overall in line with expectations: after a rise, it began to consolidate, with the main players not rushing to make a statement and the market observing the next steps.

Of course, the general direction still leans bullish, but in the short term, it has already exhausted some momentum. Additionally, the end of the month marks Ethereum's tenth anniversary, and in previous years, it's common for positive news to push prices up before moving sideways after the initial surge.

Now we are in this kind of rhythm; it's risky to chase at high levels, and there hasn't been a particularly comfortable position at low levels, so we can only watch if the key support area will come down decisively.

Trading suggestions:

Short position suggestion: Short around 3720-3750, with a stop loss at 3780, target looking at 3550–3600;

Long position suggestion: Long at 3300–3350, with a stop loss at 3270, target looking at 3450–3550.
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