Today's market analysis: $ETH From the monthly level, ETH closed a short K-line with a long lower shadow, indicating that there are a lot of demand support at this position, and the bulls have a little advantage. And the July monthly line stepped back to the Fibonacci 0.5 position of 2892, so the subsequent support rebound at this place is more critical. From the daily level, ETH maintains a large range of fluctuations, and under the pressure of the neckline of the previous fluctuation range, the rebound is blocked and continues to decline, but the amplitude of the fluctuation is getting smaller and smaller, which means that the possibility of a big trend is increasing. From the perspective of the RSI relative strength index, it also rebounded to the neckline of the previous range and fell, which is unfavorable to the bulls. From the perspective of the inflow of EHT ETF, there was a small amount of inflow the day before yesterday, and the rest of the time, the overall outflow was relatively large. Basically, Grayscale is buying, but Grayscale's selling pressure will continue to decrease, so the information given by the market needs to be continued in the future. From the four-hour level, ETH maintains a trend of oscillating decline and forms a relatively obvious downward trend line. It has failed to test the upper edge three times in a row. When the third test failed, the decline accelerated. It is necessary to continue to observe the test of the upper edge of the downward trend line. The current potential demand range is around 3140. It is necessary to observe whether it can stop the decline and rebound near 3140. If it falls directly, the downward trend will bring inertia and test the next demand range near 2890.

From the perspective of the VPVR chip distribution indicator, the chips below are also concentrated near 3140 and 2890, so there will be a relatively obvious support near these two prices. At present, ETH will only consider trend reversal if it breaks through the downward trend line, so the idea of ​​opening an order is to rebound into a short order.

Short order entry point: 3260-3300

Take profit point: 3200, 3140, 2890

Stop loss point: 3360