Ethereum

In yesterday's review, Ethereum fell from a morning high of 4521 to 4224, a drop of nearly 300 points, resulting in countless liquidations. However, after stabilizing at 4224, it surged back to 4343, indicating that the bulls have a deep layout in this area. The current momentum is still dominated by bears. There were no significant negative news events yesterday; on the contrary, a series of positive news emerged, suggesting that this sell-off was just a coordinated high-position exit by some major players and funds, while accumulating at lower positions. Overall, the market needs to wait for the speech from the Federal Reserve Chairman at the Jackson Hole central bank meeting this Friday to determine the general direction.
Friends who went short yesterday should have missed out on a significant wave of profits, congratulations in advance!
Technical Analysis
From the 4-hour and 1-hour charts, the current market is in a bearish state, below the midline of the Bollinger Bands. However, the hourly chart shows strong support below. The three lines of the Bollinger Bands are aligned and operating in a converging state, with sideways fluctuations. Once it stabilizes above the midline, the Bollinger Bands will open upward, leading to a price increase.
The MA moving average shows that the short-term moving average has crossed below the medium-term moving average, indicating a bullish to bearish trend, with the market declining. However, the MA5 and MA10 have turned upwards, and after stabilizing at key levels, they continue to rise.
The MACD indicator is currently in a bearish market below the 0 axis, with the two lines forming a golden cross and moving upwards. The space between the two lines is small, indicating a fluctuating rise.
The RSI indicator's two lines formed a death cross in the overbought area and are now gradually moving into the normal trading phase, with the buy line about to cross the sell line to form a golden cross, indicating a fluctuating upward trend.
Resistance levels: 4380, 4450, 4530, 4610
Support levels: 4300, 4260, 4224, 4165
Long strategy: You can establish a long position near 4260, add to the position at 4180, and set a stop loss below 4160.
First take profit: 4370
Second take profit: 4450
High-altitude strategy: open a primary position at 4380, add positions at 4450, and set a stop loss at 4500.
First take profit: 4300
Second take profit: 4250
The current market situation is generally in a state of fluctuation, so it is advisable to be cautious in trading without a clear trend or direction.