Brothers, today Morning Brother will chat with everyone about the latest market analysis of Ethereum
The current price of ETH is around 4200, having risen 6.43% in the last 24 hours, and almost 20% over the week, reaching a new high since December 2021. This momentum is indeed quite strong.
What’s even more exciting is that it has successfully broken through the key resistance level of 4220, and it is expected to push towards 4300 to 4450; if it can firmly hold above 4250, it might even accelerate towards historical highs.
Trading is also quite lively, with spot trading volume increasing by 26% in one day, reaching 4.686 billion USD. Derivatives are also heating up, showing that everyone's enthusiasm to participate is very high. However, in the short-term fluctuations, 10.5 billion USD in short positions were liquidated, accounting for more than half of the total network, which indirectly helped the price move up.
From a technical perspective, various indicators are quite strong: the 20-day moving average at 3909 is firmly supporting it, and the short-term trend is stable; in the 30-minute chart, the MACD is bullish, and while the RSI is slightly overbought, the momentum hasn’t diminished; the middle band of the 4-hour Bollinger Bands at 4086 is also a reliable support.
Currently, ETH is in a phase of strong breakout, with institutional accumulation and on-chain demand acting like two engines pushing it forward, making the short-term target of 4300 to 4450 quite promising. However, one should also pay attention to potential selling pressure between 4250 to 4280, and be cautious if NFT and DeFi activities become less active.
Morning Brother thinks that today it might be worth trying to go long with a light position around 4180-4200, aiming first for 4260, then pushing towards 4300. There is indeed a good chance of breaking through 4400 in the next couple of days. But then again, the cryptocurrency market is inherently volatile, so we must be vigilant while operating, manage risks well, and proceed steadily~#eth
