$ETH This wave is simply a "flash in the pan" after a sharp decline!
Before breaking 3600, all rebounds are illusions; chasing long positions now is just giving money to institutions!
First, institutions are pulling up openly while pushing down covertly! On August 1, ETH ETF indeed saw a net inflow of 8183 coins, but whales sold off 38,000 ETH in the past week, cashing out 138 million dollars! The rise is just to offload their positions; this trick is overplayed!
Second, the technical indicators are all failing! The 4-hour MACD is still lying under the zero line, the golden cross is as weak as not having eaten; the middle band of the Bollinger Bands just touched 3550 before turning down, and the area between 3550-3600 is filled with dense sell orders!
Third, upgrade benefits turn into short-term drawbacks! The Layer2 expansion after the Pectra upgrade is good news, but on-chain transaction fee income has plummeted by 30%, miners and large stakers are eager to dump for cash, who cares about long-term value anymore?
Try a light position long near 3500, targeting 3600!
Heavy short near 3600, initially targeting 3520; if it breaks below 3400, add to the short position, ultimate target 3250!
Support levels: 3400→3350→3250
Resistance levels: 3600→3700→3850
Don't believe the nonsense about "holding 3500"! Institutions' cost is all below 3200; now they are raising prices just to wait for you to take over.
August is the "harvest month for institutions", ETH might drop another 300 points at any time! Follow Xiao Li to avoid getting lost! Plan ahead to enjoy top strategies!