Lao Huang: Ether Technical Analysis and Trading Suggestions at midday on August 1

For those heavily invested in Ether, the last two days have been a time when bears have feasted and bulls have suffered. Compared to the K-line patterns of Bitcoin, the key difference is that Bitcoin's support remains intact. Whenever it breaks below the support point, whales or institutions step in, allowing Bitcoin's price to rebound and rise within a fluctuating range, such as the rebound seen today at 9 o'clock. However, for Ether, the support point is too weak. Starting from 3 PM yesterday, Ether has fallen from above 3800 to its current low of 3610, with support appearing at 0, 4, and 8 o'clock, but the rebound was only fleeting and not as strong as Bitcoin's support-driven rise. This has been a common issue for Ether; for relatively smaller-cap cryptocurrencies, the manipulation ability of whales and market makers is stronger, leaving retail investors to follow the overall trend.

Similarly, the analysis must be based on data. Next, let's analyze the K-line pattern of Ether today. First, from the daily chart, today's pattern continues yesterday's performance, showing a large long bearish candle with equal upper and lower shadows, indicating that overall, there is still a certain intensity in the battle between bulls and bears today, but it remains primarily under the pressure of bears. Considering the trend in the first half of July, it is still in the correction phase. Next, looking at the 4-hour chart, the overall display shows a bearish engulfing pattern, with two doji candles appearing in between, one of which has an extremely long lower shadow, resulting from the bulls attempting to gain strength while being strongly suppressed by the bears. Finally, looking at the hourly chart, influenced by the larger trend, the K-line pattern shows a large bearish engulfing a small bullish candle, and the bearish volume continues to increase, with the lower shadows being extremely long multiple times, indicating support below. However, the support is insufficient, and the bearish pressure is too strong, with no signs of a bullish reversal yet. This time, the support point for bears should be around 3600, and if it breaks down, it is expected to fall to around 3450-3500. Therefore, we can continue to be bearish.

Short Ether at 3600-3630, target 3520 to exit.