Market on August 6 $ETH :



Currently, the trend line on the 1-hour chart has broken through. The bullish correction is around 1642, and near 1640, look for a rebound to go long. The resistance here is at 1810, with daily resistance at 1945-1965.

The overall strategy is similar to Bitcoin; in the short term, look for a rebound, find support levels to trade, and when reaching some resistance levels on the daily chart, such as 1810 and 1965, consider shorting. At this position, shorting is not very cost-effective. Also, the 4-hour Bollinger Bands are tightening again, so trade based on oscillation logic rather than expecting a big move here.

In the short term, the market has been moving too aggressively, so taking a break and entering a narrow range of oscillation is very normal.
ETH3.98%
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