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On May 8, the price of Ethereum successfully broke through the key resistance level of $1,830 after multiple failed attempts, currently trading around $1,898.
Thanks to the bullish engulfing pattern on the 30-minute chart, the ETH price soared rapidly in a short time and stood at a key technical level.
The technical breakthrough triggered a short-term surge.
On the 30-minute and 4-hour charts, ETH broke through the long-standing resistance zone of $1,830–$1,845, briefly reaching a short-term high of $1,915 before pulling back slightly, currently consolidating around $1,880.
The previous oscillating triangle pattern and gradually rising lows have provided a foundation for this round of increase.
This move confirms the breakout of the downward trend line, and the previous bearish structure has failed, with market sentiment turning bullish again.
New support and resistance levels are clear.
The current price consolidation area ($1,880) serves as support from the previously converted resistance, precisely located at the midpoint of the breakout candlestick.
In the short term, ETH is expected to further challenge the macro resistance zone of $1,950.
Technical indicators support the continuation of the upward trend.
RSI reached 74.50 on the 30-minute chart; although it is in the overbought zone, this is normal in the early stage of a price increase. As long as there is no significant divergence, the trend still has room to continue.
MACD also shows a wide bullish bar and the signal line accelerating upward, further reinforcing the bullish expectations.
Increased volatility, pay attention to Bollinger Band signals.
Bollinger Bands expansion indicates increased market volatility; currently, ETH is close to the upper Bollinger Band around $1,915, with a slight pullback or consolidation likely in the short term.
The weekly structure is bullish, with a potential target of $2,074.
From a broader perspective, Ethereum is still in the larger trend of rebounding from the March low, currently approaching the 0.236 Fibonacci retracement level ($2,074.93).
If it breaks through $1,950, ETH may further rise to $2,000 or even higher.
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‼️ All information content of this account is for reference only and does not constitute any investment advice. If you have questions or need assistance, please contact me.