The Ethereum market has recently shown a complex trend. From July 31 to August 2, the price experienced multiple fluctuations. On July 31, Ethereum started to decline from a high of $3816, then touched a low around $3670 and rebounded, briefly climbing to $3878. However, this rise could not be sustained, and the price fell again after oscillating at high levels.

In the early hours of August 1st, Ethereum briefly touched $3,816 but failed to break through the key resistance level of $3,820. Subsequently, the price fell again, dropping to a low of $3,583. The rebound that started at 4 PM that afternoon also failed to reverse the overall downward trend, with the price encountering resistance around $3,673 before continuing to fall, reaching a low of $3,428 by the morning of August 2nd.

From a technical perspective, the one-hour candlestick chart shows that the Bollinger Bands are opening downward, with the range between $3696 and $3459. The moving average indicators are showing a typical bearish arrangement, with the 5-day and 10-day moving averages having formed a death cross and developing downward. This indicates that there is still significant downward pressure in the short term.

The MACD indicator shows that the bearish momentum has weakened, indicating the possibility of forming a small golden cross, which may suggest a slight rebound in the short term. At the same time, the RSI indicator has shown a golden cross upward, with the current value between 57 and 39, implying that the market may experience a fluctuating upward trend.

Comprehensive analysis shows that Ethereum is currently in an overall trend of oscillating decline. The upper resistance levels are at $3576 and $3715, while the lower support levels are at $3420 and $3330. The market is consolidating in the range of $3560 to $3488. If the rebound cannot break through and stabilize above $3530, it may test lower levels again. However, if it can hold above $3530, it is expected to launch an assault near $3560.

In the current complex market environment, investors need to closely monitor the changes in various technical indicators, while also paying attention to macroeconomic factors that may affect the cryptocurrency market.