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Ethereum (ETH) has recently attracted attention. Since reaching a high of $3900 at the end of July, the ETH price has undergone a correction, forming a certain support around $3700. However, there was a downward breakout last week, with the price temporarily falling to around $3400, close to the 30-day MA.
Recently, due to the enhanced market expectations for interest rate cuts, the price of ETH has rebounded, climbing back to around $3700. However, this key resistance level has not yet been broken.
From a technical perspective, if ETH can firmly hold above $3600 and successfully break through $3700, it is expected to continue rising and challenge the previous high of $3941. Conversely, if the price falls below the $3600 support, it may retest the support around $3400.
It is worth noting that a large solid bearish candle has appeared on the 4-hour chart, which may have a certain impact on the current rebound trend.
For short-term traders, it is recommended to closely monitor the resistance in the range of $3680-$3720. The support below can be focused on the range of $3620-$3580, and if it falls below $3580, the next key support level is around $3520.
The current cryptocurrency market is showing an overall rebound trend, but investors still need to be cautious and closely monitor market changes and potential macroeconomic factors.