ETH Analysis August 4th
A bottom structure has formed, having just broken through the important resistance zone of 3530. You can chase the long position on the right side, and it's about right to set a stop loss at 1%.
In this kind of downtrend, the probability of a direct V-shaped recovery is low; we still need to see some consolidation and shaking out. Approach trading from a consolidation perspective and take profits when possible.
Key resistance level: 3675. The target for this trade is also 3675. For higher levels like 3725, 3830, and 3880, we will reassess after stabilizing above 3675. $ETH