Market data observation shows that on the daily chart level, the price has been declining since the high point of 3720 #6 BTC全民空投限时派送中# #白宫加密报告发布# #Gate Alpha积分撸40U# #ETH# on August 1. After consecutive closing with bearish lines, a rebound trend appeared on August 3, and the current closing price of 3437 is approaching the previous low point area.

On the hourly chart, the price has received support near 3400 and is oscillating higher, but it still belongs to a weak rebound within a downtrend. The MACD histogram on the hourly chart has narrowed from negative to positive, indicating short-term rebound momentum; however, the daily chart remains bearish, with no significant golden cross seen between the fast and slow lines, indicating a long-term downward trend. Therefore, the bearish outlook will continue into Sunday afternoon.

It is recommended to short Ethereum in the range of 3500—3530, targeting around 3400-3360.