ETH Technical Analysis on July 31:

Daily Trend: The moving averages are in a bullish arrangement, the structure is healthy, and there has been no deep correction in the past month, indicating strong bullish control.

Recently, the volume has shown characteristics of shrinking increases and expanding adjustments, suggesting that the upward momentum is weakening, and some profit-taking pressures are emerging.

Yesterday, after a pullback to the 14-day moving average, a long lower shadow candlestick was formed, and it has currently regained the 7-day moving average. The monthly line is about to close with a 55% increase, but caution is needed for the pullback risks triggered by a triple top pattern.

The 4-hour level rebound is approaching the previous high, and there are signs of stagnation on the 1-hour, so caution is warranted regarding pullback pressure.

Intraday Strategy: The upper pressure zone is 3880-3920, if met with resistance, consider a short position;

The lower support is 3780-3740, if it stabilizes after a pullback, then consider opening long positions.

The volatility on the last day of the month may increase, so it is necessary to strictly control position risk.

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