The longer the sideways movement, the more intense the breakout! ETH is setting up a big play, just waiting for retail investors to jump in!

In-depth market analysis

Key price levels:

The upper level of 4500 has become a short-term top, 4570 is the dividing line for bulls and bears today. Below 4370 is the lifeline; a drop below could trigger a panic sell-off. The current position of 4446 is hovering just above the middle Bollinger band.

Technical signals:

The Bollinger Bands (4482/4373) continue to narrow, with a volatility of only 0.41%. A MACD golden cross is beginning to appear, but trading volume is shrinking (21,000). A typical "false breakout" signal with trading volume insufficient at 1/4 of the 5-day average volume (87,000). The market is heavily cautious.

Latest updates:

On-chain data shows:

Whales are continuously accumulating around 4400, suspected to be market makers building positions. Contract open interest is reaching new highs, and the long-short ratio is close to 1:1.

Macroeconomic influences:

Tonight's speech by Federal Reserve officials may act as a catalyst for the market. U.S. stock futures are slightly weaker, putting pressure on risk assets.

Da Sheng's practical strategy:

Short-term operations:

High sell and low buy in the range of 4360-4480, with a stop loss of 30 dollars. If it breaks above 4570, can lightly chase long positions, aiming for 4660.

Classic case:

On August 10, it rose from 4500 to 4794 and then plummeted, perfectly illustrating the "paint door market." On August 14, it rebounded from the support at 4300, accurately verifying the technical level.

Risk warning:

Beware of sudden market conditions triggered by the Federal Reserve's speech. Avoid heavy positions when trading volume is insufficient.

$ETH Is this wave of sideways movement brewing a major bull or bear? We will find out after the Federal Reserve's speech at 8 PM tonight! Follow Da Sheng for timely insights into market intricacies! #美联储取消创新活动监管计划