Recently, the performance of the Ethereum market has been remarkable. From a short-term perspective, Ethereum is still operating in a downward channel, with insufficient rebound momentum above, and short positions currently hold the upper hand. Although the market has shown some degree of recovery after the previous intense adjustments, the overall trading volume still appears inadequate, limiting the rebound potential.

In the current market situation, investors need to remain vigilant and avoid blindly chasing highs. The market structure has not yet escaped the pattern of oscillating downward, so it is advisable to adopt a cautious strategy.

In terms of operational strategy, the key resistance level to focus on in the short term is $4550. If it fails to break through this level effectively, consider going short at high levels. At the same time, closely monitor the support level near $4300; if the price stabilizes at this level, there may be opportunities to go long.

It is worth mentioning that the global cryptocurrency market has recently shown a tendency to rebound, which may be related to multiple factors. For example, the year-on-year Producer Price Index (PPI) in the United States for July was higher than expected, which could raise concerns in the market about the inflation outlook. In addition, the news that the Federal Reserve has canceled its regulatory plan for innovative activities may also affect market sentiment.

Meanwhile, we have noticed some interesting market trends, such as the increasing interest of Chinese investors in the Indonesian market, as well as the Token Generation Event (TGE) of Binance Wallet. These factors may all influence the overall trend of the cryptocurrency market to some extent.

Overall, the current Ethereum market is still in a sensitive period, and investors need to stay alert, closely monitor market changes, and flexibly adjust their investment strategies based on specific circumstances.