The trend of ETH perfectly corroborates our judgment yesterday of a "healthy pullback within the main upward wave." The price accurately retraced to our emphasized first support zone of 4,000 - 4,100 yesterday and received strong support in that area.
Technical Indicator Status:
MACD Indicator: Yesterday's pullback effectively released the high "death cross" risk of the MACD. Now, the fast and slow lines have a trend of re-establishing a "golden cross" above the zero axis, and the bearish momentum bars have disappeared.
RSI Indicator: The RSI indicator turned upwards again after retracing to the 50 midline, indicating that bullish strength is regrouping.
Currently, there is still uncertainty in the market, and tonight's CPI data has not been released. If favorable data comes in, we can continue to go long on ETH, with the first target at 4,350 and the second target at 4,500.
