[Analysis] "Ethereum collapses below 4300 dollars… Possible further decline in September"

Ethereum (ETH) has been pushed below 4300 dollars and turned into a downtrend, raising the possibility of further declines in September.

On the 30th (local time), Cointelegraph reported, "This week Ethereum failed to break the 4700 dollar resistance and was pushed below 4300 dollars, turning into a downtrend. In particular, market caution is growing as even the uptrend line emphasized by Tom Lee of Fundstrat has been broken."

This movement is interpreted as the result of liquidity contraction along with the continued liquidation of approximately 338 million dollars worth of ETH futures positions from the 22nd to the 29th. Accordingly, as September begins, the possibility of a deeper correction is raised.

According to Coinglass data, September has historically been the weakest month for Ethereum, recording an average -12.55% return. This indicates that if Ethereum loses support at 4300 dollars, the short-term downside risk is large.

The outlet said, "The short-term support to watch is around 4180 dollars, but since this decline came after a long period of upward movement, the possibility of a rebound is not high. If it falls a lot, there is a possibility it could fall to as low as 3100 dollars."