#ETH# Test the main support level after a sharp decline during the day....

$ETH is trading at a price of $4,555.18, recording a decrease of 3.09% in the last 24 hours. The price has tested its lowest level of the day at $4,453.13 after failing to stay above the support level of $4,672, indicating increased selling pressure during the recent session.
Market Overview ( 15-Minute Chart )
Direction: Strong bearish momentum from $4,672, with a brief recovery attempt from $4,521.
Support levels: $4,520 ( instant ), followed by $4,480.
Resistance levels: $4,600 in the short term, then $4,670.
Buy Orders: 22.42%
Sell orders: 77.58%
The order flow is heavily biased towards sellers, indicating that negative sentiment still prevails in the short term.
Trading Predictions
Bullish scenario: A decisive break above $4,600 may open a retest of $4,670.
Bearish scenario: continuous trading below $4,520 may accelerate the decline towards $4,450–$4,420.
Risk Management: High volatility indicates the necessity of using tight stop-loss orders to protect positions.
Summary
ETH is currently under pressure, hovering near the main support level. A recovery is possible if buying volume increases, but sellers are clearly in control at the moment. Traders should monitor the breakout from the $4,520–$4,600 range for the next directional move #July PPI Beats Expectations# #ETH ETFs Top $30B# #Gate Alpha Peak Trading Competition# #Gate Releases August Reserves Report#