On August 2nd, the current price of Ethereum is approximately $3475, with a 24-hour decline of 1.12% and an intraday low of 3428. The market sentiment fear index has dropped to 65, with 90% of long positions liquidated.

From a technical indicator perspective, the 4-hour level has seen consecutive large bearish candles breaking below the EMA7/EMA30 moving averages, with short-term support at 3430 (July low). If this level is lost, it may accelerate the decline to 3370.

The first resistance level above is at 3560 (rebound pressure), the second resistance level is at 3600 (bearish defense level), and the third resistance level is at 3700 (previous high pressure).

The first support level below is at 3430 (EMA30 moving average), the second support level is at 3370 (Fibonacci support), and the third support level is at 3200 (psychological barrier).

Short position operation range suggestion: Short at resistance in the 3560-3600 range, stop loss at 3630, target 3430→3370.

Long position operation range suggestion: If it quickly dips and stabilizes around 3430, try a small long position, stop loss at 3400, target 3500.

Risk warning and key points:

Macroeconomic events: Focus on the U.S. July PCE Price Index at 20:30. If inflation exceeds expectations, it may reinforce the Federal Reserve's hawkish stance, negatively impacting the cryptocurrency market.

Technical signals: If ETH breaks below 3430, observe the validity of the 3370 support.

Capital management: Single trade position should not exceed 15%, total position should not exceed 30%, and stop losses should be strictly set.

Current market sentiment is bearish, with bears dominating the technical aspect, but caution is needed for short-term rebounds after being oversold. It is recommended to focus on short positions, trying small shorts at key resistance levels and avoiding blind bottom fishing before support levels stabilize.