ETH's critical line exposed today! 4300 becomes the battleground for bulls and bears, should retail investors buy the dip or run for their lives?
ETH is currently stuck at the critical position of 4300, a sudden spike last night awakened everyone!
Last night, the SEC suddenly postponed the Ethereum ETF decision, causing the market to plummet to 4279, but strangely enough, it bounced back to around 4300 within an hour, clearly indicating that manipulative players are playing psychological games! Experienced investors understand: such sharp drops and rises are either to wash out leveraged positions or to trap news traders.
The three major technical signals tell you the truth:
The Bollinger Bands are closing like a 'crocodile's mouth': upper band at 4381, lower band at 4246, and ETH is currently trapped in the middle. The MACD green bars have shrunk to a line, and the VR indicator at 74.78 is a typical “playing dead market”!
4306 is the key watershed: the red resistance line I drew on the chart is the boundary between bulls and bears. Holding above 4306 may push up to 4380, while breaking below 4250 will directly target 4200.
Liquidation warning: Last night, 230 million dollars worth of ETH long positions were liquidated across the network, but the open interest on exchanges has increased, indicating that large funds are lurking!
The news bomb isn't over yet:
At 20:30 tonight, the Federal Reserve will announce the minutes of the meeting. If it hints at a rate hike in September, ETH may take another hit.
However, there is positive news lurking as Vitalik just tweeted about “breakthrough progress on Layer 3,” which could ignite a rebound at any moment.
Veteran trading strategies:
Aggressive: Light positions near 4300 for long, stop loss at 4280, target 4380.
Conservative: Wait for a breakout above 4381 or a drop below 4246 before taking action, better to miss out than to make a mistake.
Contract traders, be cautious! The 15-minute candlestick TD sequence has printed a “9,” indicating a possible short-term reversal spike.
One last piece of advice: August has always been the wildest month in the cryptocurrency space. ETH is currently like a tightly wound spring; it could either surge by 500 points or drop by 300 points. Don’t exceed 30% position!
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