ETH looks to hit a historical new high on the next wave down!
This week, ETH pulled back near the 4500 weekly resistance, with support at 4250-4100. If it breaks below the weekly support, it will follow a corrective wave trend. Currently, there is a slight rebound on the 4-hour and daily charts, but it is relatively weak. The key points to watch are tonight's unemployment data and tomorrow's speech by Powell, to see if it can push back up to the 4400-4500 range;
Weekly: ETH has moved from 1384.00 to 4794.00, a total of 3410 points, without forming a single corrective wave in between on the weekly chart. It feels like a pullback would be better for a rise; if we see a corrective wave, it will take at least 3 weekly candlesticks. If the weekly breaks below this week's low of 4060, it will basically break 4000. Before the September interest rate cut meeting, I hope it can pull back down to 3500 or 3100, and then start a new high in the weekly third wave with the rate cut!
Pay attention to the ETH weekly Fibonacci retracement levels at the 50% position around 3100 and the 38.2% position around 3500;
