Ethereum's double bottom solidifies at $ETH ! 272 million long positions liquidated, the washout ends, and breaking 4800 aims directly at the 5000 mark!

The 4-hour chart of Ethereum has clearly formed a double bottom pattern, with a long lower shadow at the bottom signaling a strong performance of the bulls stabilizing. The short-term downward trend has been effectively curbed.

This washout action is highly intimidating, directly triggering the liquidation of 272 million USD long positions. The large-scale long position liquidation not only completely digested the profit-selling pressure that had accumulated earlier but also thoroughly cleaned out the hesitant floating positions in the market, paving the way for future upward movement—after this adjustment, the concentration of market chips has significantly increased, and the upward resistance has been greatly weakened.

From the current technical perspective and capital flow, the price of Ethereum is bound to immediately restart the assault on the 4800 USD level. This position is not only an important resistance level in the recent market but also a crucial watershed that determines the direction of market sentiment. Once the price stabilizes above 4800 USD, and accompanied by an increase in trading volume forming a valid breakout, the upward space will be completely opened.

After breaking through 4800 USD, Ethereum's sprint towards the 5000 USD mark will be without doubt. On one hand, the strong bullish momentum accumulated after the washout is eager to be released; on the other hand, the 5000 USD level, as an important psychological checkpoint and historical key price level, has a very strong attraction for market capital. Short-term operations are already in place $BTC #BNB创新高 $ETH #美国7月PPI年率高于预期 #主流币轮动上涨