How fierce is the concubine, brothers～
After Ethereum broke through $3800 in July, it is currently consolidating below a key resistance area that previously triggered significant sell-offs. Bulls are attempting to re-establish short-term dominance near the short-term support area, and whether they can maintain this momentum and retest the $4000 mark has become the focus of the current market.
From the daily chart perspective, the strong upward trend that started from the low of around $1800 in April continues, with prices finding support above the ascending trend line intersecting around $3400, showing a strong rebound momentum overall. The volume during last week's decline was not robust, and the structural trend remains intact.
The super trend indicator at the 4-hour level has turned bullish after stabilizing above $3489. If the Ethereum bulls can forcefully break through $3730 and maintain stability, it will confirm a new bullish signal, with upward targets possibly pointing to $3880, and subsequently reaching the upper limit of the daily chart's main resistance area at $4092.
However, if the support level of $3733 is not maintained, Ethereum may retreat to the support level of $3630; if this support level is broken, it may test the 100-period EMA at $3529, or even test the upward trend line support near $3400.
Disclaimer: The content of this article is for informational sharing only and does not constitute investment advice. The cryptocurrency market is highly risky and volatile, and investment decisions should be made with caution.
