#Ethereum Set A New Record At $4,955 During Weekend Trading, But It Failed To Hold At This Level And Could Not Break The Daily Closing Record. Thus, The Price Movements Of The Last Few Days Showed That The $4,670–$5,000 Range Continues To Act As A Strong Resistance Zone With Ongoing Selling Pressure.Yesterday’s Accelerated Selling Slowed Down At The 21-Day EMA Value ($4,320), Which Has Been Acting As A Dynamic Support Since Early August. This Indicates That The 21-Day EMA Is Moving In Line With The Short-Term Trend Line Formed By Ethereum’s Momentum-Driven Rally Last Month. Global Markets, Especially After Powell’s Statements, Have Formed A General Consensus That The Fed Will Begin Its Rate-Cutting Cycle. While This Positive Development Continued, Ethereum Also Started To Give Technical Signals That The Uptrend Would Persist. However, Yesterday’s Shock Development Created Downward Volatility In The Market. Thus, The Stochastic RSI, Which Had Turned Upward, Shifted Back Toward The Selling Zone.
In The Current Situation, If
$ETH Manages To Close Daily Above The $4,320 Support, It Will Be Able To Stay Within The Upward Trend. This Could Increase Buyer Volume And Lead ETH To Retest The Resistance Zone. Accordingly, $4,670 Will Be Monitored As The First Resistance On The Upside. Above This Level, The $5,000 Mark May Come Into Play As The Second Resistance. In Case Of A Breakout, A Move Toward The $5,500 Band Could Occur In The Short Term.On The Downside, If Selling Continues And $4,320 Is Broken, The Cryptocurrency Could Initially Retreat Toward $3,980. Below This Price, A Pullback Toward The Main Uptrend Line May Be In Play. This Would Mean A Decline Toward The $3,600 Band.
