Current Situation:
ETH has just experienced a spike followed by a pullback, peaking at 4794 before starting to correct. It is now repeatedly testing the crucial support near 4500. This position is like a 'lifeline'—if it holds, a rebound is possible; if it doesn't, it could plummet directly to 4200.
Key Levels:
✅ Pressure Zone: 4700-4774 (previous high point area; need to break through to strengthen)
🛑 Lifeline: 4500 (the last line of defense for bulls; breaking it means disaster)
⚠️ Lower Support: 4256 → 4200 (if 4500 breaks, the next stop is here)
$Technical Signals:
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Death Cross: The 5-day moving average (white line) crosses below the 10-day moving average (yellow line), indicating a bearish short-term trend.
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Volume: Increased volume during a downturn (over 7 million contracts) indicates heavy selling pressure; a rebound with no volume is just playing tricks.
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MACD: If the green bars continue to extend, the decline may accelerate.
Impact of News (assuming the latest developments):
1.
Bullish News (such as ETF approval, major institutions buying): This could stimulate an ETH rebound testing 4700 and possibly challenging the 4774 resistance level.
2.
Bearish News (such as regulatory crackdowns, large sell-offs): If 4500 can't hold, the next level to watch is 4256, with extreme cases looking at 4200.
Vernacular Operating Strategy:
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Bulls: Those looking to buy the dip should wait for a stable hold above 4500 with volume before considering, with a stop loss below 4450.
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Bears: If it breaks 4500 and rebounds weakly, shorting may be considered, targeting around 4256.
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Watching: Wait for clear direction; don't gamble near 4500, as it can easily result in being caught between bulls and bears.
Summary:
Today, ETH is in the '4500 Defense Battle.' If it can't break through 4700, it will continue to test the bottom. Remember: don't stubbornly hold on if it breaks key support, and wait for confirmation before breaking through resistance. The BoFu team specializes in serving ambitious madmen! Follow BoFu to navigate the market.
