On August 1, Ethereum rebounded to above $3,700 after reaching $3,615, but still failed to break through the support level of $3,750-$3,760 from July 29. Previous technical analysis indicated that Ethereum completed the TD9 sequence decline signal, and the MACD fast and slow lines formed a dead cross, but bearish momentum has not fully dominated.

The rise on July 28 was confirmed as a continuation of the third wave, rather than the start of the fifth wave. Currently, we need to wait for the fourth wave to pull back to $3,520-$3,560 before positioning long, with a target pointing to the fifth wave peak of $4,000-$4,100.

Short-term resistance level: $3,750-$3,800. If the price rebounds and is blocked near $3,750, one can short with a light position, using $3,800 as a stop loss, targeting down to $3,600.

Key support levels: $3,520-$3,560 (fourth wave theory pullback level) and $3,200-$3,300 (strong support range). If the price dips to around $3,520 and stabilizes, one can gradually build long positions, using $3,450 as a stop loss, targeting up to $3,800.