8.13 Ethereum Early Morning Silk Road

Recently, Ethereum has shown a technical upward trend, but the sustainability of this momentum is limited by shrinking trading volume and an overbought state.

From a technical perspective, the bullish arrangement of moving averages combined with a bullish engulfing pattern confirms the market's upward momentum; however, the significant reduction in trading volume and the clear divergence between price and VWAP indicate a lack of volume support for the rise. Additionally, the RSI has entered the overbought zone, and the price is approaching the upper Bollinger Band, increasing the probability of a short-term pullback.

Overall, we are still in a strong upward phase. In terms of operational strategy, it is recommended to wait for a pullback to an effective support level before primarily taking long positions, aligning with the trend.

Ethereum: Long in the 4200-4250 range, target 4400, looking at 4600 for the long term, with each strictly managing their defenses. $BTC $ETH $XRP