ETH Daily Market Analysis: Opportunities and Challenges Coexist
In this unpredictable world of the crypto market, 'opportunity always favors those who are prepared.' Regarding ETH's performance today, let’s discuss it from multiple dimensions such as news and technical aspects.
First, looking at the news, the hot topics keep coming. In terms of regulation, the U.S. Securities and Exchange Commission (SEC) has shown subtle changes in its attitude towards the ETH spot ETF. Although it has not been explicitly approved, the internal movements have released positive signals. Once the ETH spot ETF is approved, a large amount of traditional institutional funds will pour in, like opening the floodgates for funds, bringing tremendous momentum to ETH prices.
At the Ethereum Developer Conference, Vitalik's speech also garnered significant attention. He emphasized the importance and future planning of advancing L2 scalability. L2 scalability has always been a key factor restricting ETH's development; previously high fees and low transaction processing speeds have deterred many users. If L2 scalability progresses smoothly, it will greatly enhance ETH's performance and user experience, providing fundamental support for prices.
Looking at the technical aspect. Today's 1-hour candlestick chart shows that ETH is in a 'triangle convergence + breakout retest' pattern. The price hovers around 4500, which is a support level tested multiple times previously and also the lower edge of the triangle convergence pattern. If it effectively breaks down, it may trigger a short-term decline, seeking support near the 4250 gap.
If the 4500 support level can be held and broken upwards, the previous high of 4820 is a likely target to reach. Recent trading volume has quietly increased, with funds quietly entering the layout. Meanwhile, the MACD indicator has formed a golden cross above the zero axis, which is a clear bullish signal, indicating that bullish forces are gradually gaining the upper hand.
Considering both news and technical aspects, ETH faces opportunities and challenges today and in the short term. If the positive news can effectively break through the 4580 threshold, the upward space will open, and it is expected to challenge 4900 or even higher prices. However, if market sentiment is affected by factors like the U.S. stock market, and the ETH price falls below the key support level of 4450, we need to be cautious about the risk of a pullback and implement risk control.
For investors, spot traders can build positions in batches to lower the average cost; contract players must set stop-loss orders below 4450 to strictly control risk. The interconnected effects after the opening of the U.S. stock market tonight are worth noting. If Bitcoin can stabilize at the 63,000 price level, the possibility of ETH hitting new highs will significantly increase. In this uncertain crypto market, only investors who understand technical analysis while keeping up with news can stand firm and reap wealth.
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