Ethereum has strongly rebounded from 3350 to now 3900 in just 5 days. To be honest, this is a shorter time than I expected, which indicates that Ethereum is very strong.
Now let's talk about the reasons for the rise. I believe everyone who pays attention to this area knows that the first reason is that yesterday Trump allowed U.S. pension funds to invest in cryptocurrencies.
Secondly, major U.S. stock companies are madly increasing their positions in ETH because the price of BTC is too high, so they can only increase their positions in ETH. Lastly, there are recent news about a potential interest rate cut in the U.S. in September, due to terrible labor department data, with a 90% chance of a rate cut.
These three reasons combined will lead to a continuous inflow of funds into ETH.
Back to technical analysis, ETH has now reached the resistance level of 3950, where it last dropped. This time, I think the possibility of breaking a new high is quite high.
Therefore, our order position today is still to go long at the 7-day moving average, which is 3850~3800!!!
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