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On July 28, the Ethereum (ETH) market showed a volatile trend. The price encountered resistance and fell after reaching a peak, with the Candlestick pattern continuously moving downward, and technical indicators indicating a downtrend. It is expected that ETH will continue to move within the range, with the resistance level around 3940 and the support area at 3840. If it breaks below, it may test the level of 3815.
In light of the lack of important economic data releases on Monday, investors need to closely monitor the market reaction after the opening of the US stock market, as this may impact the cryptocurrency market.
Based on the current market conditions, traders may consider the following strategy: short ETH at the current price level, set the stop loss around 3920, and initially target a price level of 3840. If it breaks down further, then the 3815 area can be monitored.
It is worth noting that the cryptocurrency market is highly volatile, and investors should operate cautiously and manage risks effectively. At the same time, changes in the global macroeconomic situation and regulatory policies may also have a significant impact on ETH prices, so investors are advised to stay attentive.