Ethereum has skyrocketed past $2800! What's next, a continued surge or a crash?
Looking at the 4-hour chart, the market is currently a bull party, bouncing between $2767 and $2788, finally settling at $2782.81, firmly above the key moving averages, with a trend that's frighteningly strong.
However, the RSI has soared to 91, which is quite exaggerated. I bet there will definitely be short-term correction pressure. Although the MACD is still supporting the golden cross, the momentum has clearly weakened, feeling like a speeding car running low on fuel. There are three reasons driving this surge: Bitcoin leading the rebound, funds rushing into mainstream coins; the ETH ecosystem is thriving, with on-chain activities packed every day; institutions may have positioned themselves in advance. But surges are often accompanied by volatile moments, and I'm worried that profit-taking could lead to a crash.
Today, keep an eye on $2780; if it can hold steady, breaking $2800 could lead to a run towards $2850 or even $2880; but if it falls below the $2750 support, then expect a pullback to $2700 or $2650. I strongly recommend not chasing highs right now; it's safer to wait for a pullback to pick up bargains.
In terms of upcoming strategies, I will guide everyone to target the lucrative opportunities in altcoins, expecting a potential of over 10 times is definitely possible. Like and leave a message, and I'll take you through the entire bull market!
