$ETH

【Ethereum intraday under pressure, focus on key support level battles】

Ethereum is currently priced at $1557, continuing the technical adjustment trend throughout the day. The MA7/25/99 moving averages at the 4-hour level maintain a bearish arrangement, the MACD dual lines are flat below the zero axis, and both the RSI (42) and KDJ (35) are in a weak zone, indicating that short-term selling pressure has not yet been fully released. If the price continues to be constrained by the resistance zone of $1580-$1600, it may test the support at $1530 (Fibonacci 38.2% retracement level). A break below this level could accelerate the test of the psychological level of $1500.

On the macro level, the overnight U.S. core CPI year-on-year was 3.3%, exceeding expectations and indicating stickiness, causing market expectations for a rate cut in September to drop to 53%. The strong U.S. dollar index is putting pressure on risk assets. On-chain monitoring shows that Ethereum whale addresses have net transferred 120,000 ETH to exchanges in the past 24 hours, and the funding rate for derivatives has turned negative, with bearish sentiment increasing. Caution is needed as U.S. tech stocks may continue to adjust, which could lead to a weakening of ETH. However, if it stabilizes at the $1530 support level throughout the day, the oversold recovery demand may trigger a short-term rebound, with the volatility range temporarily seen at $1500-$1600.