Ethereum Today Analysis
On August 11, Ethereum performed strongly, breaking above $4300 again. In the U.S. stock night market, Ethereum reserve concept stocks collectively surged, with Bitmine Immersion Technologies rising over 12%, GameSquare up over 10%, and SharpLink Gaming increasing over 9%. Here is an analysis based on recent data and news:
• Market Performance: As of August 10, 21:06, the price of Ethereum was $4204.47, with a daily decline of 1.32%. The key resistance level is $4332.54, and the support level is $4161.01. The short-term moving averages are in a bearish arrangement, suppressing price rebounds, and the KDJ indicator shows overbought conditions, with the J value breaking through the warning line of 90, indicating a high probability of short-term correction.
• Technical Analysis: From the 4-hour chart, the price trend is forming a series of higher lows within an ascending channel, supported by the 50-period moving average. The RSI is at 70.6, slightly overbought, with the possibility of a pullback, but the MACD is bullish, and momentum is increasing. If the daily closing price is above $4391, it may trigger breakthrough buying, accelerating the rise to $4533; if it can stay above $3972, there is still potential for long-term growth towards $5000.
• Market Driving Factors: The overall performance of the cryptocurrency market has been good recently. On August 9, Ethereum climbed above $4200, with an increase of over 8% within 24 hours, continuing to rise on August 10, breaking above $4300, reaching a new high since the end of 2021. On one hand, institutional investor buying has driven prices up, with whales and institutions accumulating 1.035 million ETH at an average price of $3546 from July 10 to early August, valued at $4.17 billion. On the other hand, PayPal is about to launch a payment feature supporting over 100 cryptocurrencies, including Ethereum, which may increase Ethereum's use cases and demand, positively impacting the price.
#ETH突破4300
