Ethereum (ETH) is currently trading at $4630, with both bulls and bears fiercely contesting the key level of $4600. From a short-term perspective, the rise of ETH seems to be slowing down. Technical Analysis shows that the red bars of the MACD indicator are shortening, and the Bollinger Bands are also narrowing, indicating that the upward momentum is weakening.



From the perspective of price support and resistance analysis, there are a large number of sell orders around $4700, forming a clear resistance level. Previously, ETH had touched a high of $4639 before retreating, highlighting the strong resistance in this area. On the other hand, $4400 has successfully halted declines multiple times and triggered rebounds, but the buying pressure seems insufficient, and the reliability of this support level still needs further testing. Currently, there is significant selling pressure above $4600, while the buying attitude below $4400 is cautious, suggesting that the market seems to be in a brief state of uncertainty.

It is worth noting that the trend of ETH still has a certain correlation with Bitcoin (BTC). If BTC falls below the $115,000 mark, ETH may follow suit. In addition, the Gas fees on the Ethereum network are also an important variable. For example, last week the Gas fee surged to 200 gwei, driving the price of ETH up by 8% in half an hour. If a similar situation occurs again, it could become a catalyst for the rise in ETH price.

For investors, it is necessary to remain cautious in the current market situation. If ETH can break through $4700, small-scale follow-up can be considered. However, if it falls below $4400, timely stop-loss should be executed. In addition, close attention needs to be paid to whether the MACD indicator forms a death cross, and whether it will pull back to the $4300 level. It is especially important to be wary that if ETH cannot stabilize above $4580 before 3 PM today, bulls may choose to retreat. Looking back at a similar situation last week, ETH experienced a 12% decline, so investors need to remain highly alert to the direction of the breakout.

Overall, ETH is currently in a key price range, and market participants should closely monitor the changes in various technical indicators and key price levels to timely adjust their investment strategies.
ETH-2.15%
BTC-2.32%
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ILCollectorvip
· 08-14 06:43
All in and close all positions, play people for suckers and Rug Pull.
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0xOverleveragedvip
· 08-13 07:49
Not falling means rising, don't panic.
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WenMoon42vip
· 08-13 07:48
gas is so expensive, I should have filled up earlier.
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TideRecedervip
· 08-13 07:41
It's getting better, charge for me.
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