The cryptocurrency market has recently experienced a significant fluctuation, with the price of Ethereum (ETH) falling sharply by about 600 points, attracting widespread attention from investors. This unexpected market trend has caused many analysts to reassess their predictions.

Currently, the key support level for Ethereum is still in the range of $3950 to $4000. Considering there is a buffer of 200 points, this support level should theoretically hold. For options traders, it may be worthwhile to consider positioning 5000 USD call options with expirations of 7 days and 15 days on Friday, corresponding to the end of August and mid-September expiration dates.

At the same time, the price of Dogecoin (DOGE) is hovering around the $0.2 mark, sparking speculation among investors about its future trajectory. While some view this market adjustment as a sign of a deep bear market, such a perspective may be overly pessimistic and induce panic. In fact, many altcoins have already experienced considerable falls, and the room for further decline may be limited.

From a more macro perspective, September and October may bring positive news, which could create new opportunities for the market. For spot holders, continuing to hold may be a wise choice. However, for leveraged traders, especially those holding long positions, it may be necessary to consider taking protective measures or hedging strategies.

Overall, although the market may continue to fluctuate in the short term, long-term investors should not be overly fearful. Market corrections often provide new entry opportunities for long-term investors. At the same time, closely monitoring market dynamics and potential positive news will be key in the coming months.