$ETH Analysis on the morning of April 20

The news sentiment forms the core driver, strengthening the confidence for a bullish rebound. Recently, geopolitical tensions have repeatedly disturbed the market, and the ongoing safe-haven demand continues to support gold prices. Meanwhile, the global central bank gold-buying frenzy has not subsided, and the presence of long-term allocation positions has locked in the valuation bottom below. Coupled with data signals, the rising expectation of a slowdown in economic recovery, and the approaching cycle of interest rate cuts, gold, as a core asset for inflation and interest rate risk hedging, further highlights its valuation advantage. These fundamental factors collectively form the underlying support for the bulls' counterattack, providing a solid macro and policy backdrop for the market rebound.

Technical signals also indicate a reversal, perfectly echoing the news sentiment. Previously, prices continued to decline along the lower band of the Bollinger Bands, dropping to a low of 2250.91. Afterward, the lower band of the Bollinger Bands first stabilized and turned upward, signaling the complete exhaustion of the bearish momentum. The price found strong support here, stabilized, and rebounded. Currently, it is trading at the key level of 2278.16, breaking the one-sided bearish pattern of “price following the band downward,” and the Bollinger Bands have shifted from expansion to contraction. The trend of oscillating upward is clearly emerging. In terms of candlestick rhythm, consecutive bullish candles have rebounded without retesting or breaking previous lows, indicating that the bullish force is gradually dominating the short-term market, and the rebound pace is steady and strong.

Looking at the market structure, the 2278-2275 range is an important support line below the middle of the Bollinger Bands. As long as the price does not effectively break below this range, the bullish rebound momentum will not be disrupted. The first resistance above is around 2290-2295. If the price can hold above this level, it is expected to extend toward the 2310-2320 range, further opening up space for a bullish counterattack. A personal suggestion is to buy near 2200-2250, with a target of 2300-2350.