8.16 Ethereum Early Morning

Ethereum is in a low-level bottoming phase, with technical indicators suggesting a potential short-term rebound, although the mid-term trend remains weak. A bullish engulfing pattern has appeared near the strong support level of 4315, resonating with the RSI's oversold condition, forming a technical drive for a rebound.

However, the bearish arrangement of the moving averages and the recent appearance of a death cross indicate that the mid-term trend still leans towards a downward direction, and the shrinking trading volume further weakens the rebound momentum. Overall, the market is in a state of entangled bullish and bearish sentiment, and the price may maintain a fluctuation pattern in the short term.

The bullish engulfing pattern and the RSI's oversold condition create a resonance signal near the strong support level of 4315, indicating a higher possibility of a short-term rebound. Given the strength of the support level, Luyao suggests going long at this point.

Ethereum: Long in the 4300-4350 range, target 4500, long-term 4800, each strictly maintain defense at #美国7月PPI年率高于预期 #币安钱包TGE $ETH $ETH $ETH