Based on today's (July 31, 2025) market dynamics and technical indicators, the trend of Ethereum (ETH) may show the following key trends:

1. Short-term bullish signal technical breakout: ETH has broken through the descending channel, currently standing above $3,850, and has formed higher lows on the 1-hour chart, indicating a bullish short-term trend.
EMA support: The 20/50/100/200 moving averages form a key support in the $3,808-$3,821 range. If the price maintains above this level, it may continue to test the $3,920-$3,960 resistance zone.
Capital inflow: Today's net inflow of ETH spot is $33 million, indicating that institutions or large funds are re-accumulating, which may drive prices further up.
2. Potential pullback risk of short-term overbought: MFI (Money Flow Index) reaches 76.2, indicating that the market may be overheating and there is profit-taking pressure.
Key support test: If it falls below $3,709 (Supertrend support level), it may test $3,516 (Bollinger Band middle line) or even $3,300.
Coinbase negative premium: US investor interest wanes, ETH price on Coinbase is lower than on Binance, which may signal short-term selling pressure.
3. Key price range upward target: If it breaks through $3,880, it may test $3,940-$4,000, or even challenge $4,100.
Downside risk: If it falls below $3,700, it may drop to $3,516 or $3,300.
4. Macroeconomic factors affecting Federal Reserve policy: Yesterday, the Federal Reserve's interest rate cut was less than expected, leading to a brief drop in BTC and ETH. If the market continues to digest hawkish signals, it may limit the upward momentum.
ETH Staking Unlock: Over 700,000 ETH waiting to be unlocked, which may increase selling pressure if a large amount flows into the market.
Today's trend prediction optimistic scenario: Hold the $3,800 support and break through $3,880, may test $3,940-$4,000.
Pessimistic scenario: If it breaks below $3,700, it may pull back to the $3,516-$3,300 range.
Suggested focus:
$3,800-$3,850 (short-term bull-bear dividing line)
Volume change (breakthrough needs volume confirmation)
Institutional fund flows (ETF net inflow situation).
The current market is experiencing intense long and short contention, it is recommended to adjust strategies based on real-time data and to strictly set stop-losses.