📣Ethereum continues to hit new highs, should we continue to go long❓

This morning, Old Bao released a clear bearish signal, and ETH briefly dropped to over 1700, which still aligns with expectations. Meanwhile, yesterday's short positions also took profits again. Tonight, we need to pay attention to the U.S. stock market opening and Trump's speech. Currently, the trend is at a high point, and it is not recommended to continue chasing longs, as it can easily lead to being trapped!

【Analysis of Ethereum Price Trend from Four-Hour Chart】

Candlestick Pattern:

Recently, the price has shown a significant upward trend, especially during the period of May 8 at 16:00, where there was a long bullish candlestick, indicating strong buying pressure. In the 4-hour timeframe, the price broke through the previous high of 1943.83 and set a new high of 1968.72, indicating optimistic market sentiment.

Technical Indicators:

MACD: In the 4-hour timeframe, the MACD histogram continues to expand, with the DIF line crossing above the DEA line, forming a golden cross, showing a strong bullish signal.

RSI: The RSI value is 72.70, entering the overbought zone, but still in an upward trend, requiring attention to potential pullback pressure.

EMA: The current price is above EMA7, EMA30, and EMA120, with the short-term moving average EMA7 rising rapidly, supporting further price increases.

Trading Volume:

The daily trading volume has significantly increased, especially on May 8, reaching 489356, reflecting a higher market participation and positive capital inflow. The trading volume in the 4-hour timeframe also remains at a high level, supporting the upward momentum of the price.

Ethereum Precise Thoughts for the Evening of 5/8:

It is recommended to enter short positions around 1960-1980 for Ethereum, with target points: 1920-1900-1880. Watch for spikes at 1820-1800.

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