The crypto world's nights are never peaceful! In the ETH bull-bear battle, which side are you on?
Last night's crypto market resembled a suspenseful drama full of ups and downs—Federal Reserve's Hamak poured a bucket of cold water, and the Gaza ceasefire agreement suddenly sprinkled some sugar. ETH's price played a roller coaster in the volatility, with bulls and bears repeatedly tugging at the 4200-4300 point range. This plot is even more thrilling than a TV drama!
The Federal Reserve's decision not to cut rates struck hard, causing ETH to drop in response.
Federal Reserve's Hamak stated before the Jackson Hole meeting: 'No support for a rate cut in September!' She bluntly said inflation is still too high, and although the labor market is slowing, there is no crisis, making it necessary to maintain a tight policy. This statement directly cooled the market, and ETH briefly plunged, testing the support level of $4200.
Gaza ceasefire agreement ambush, bulls retaliate and rise.
Just when the bears thought victory was assured, new developments in the Gaza ceasefire agreement emerged! Israeli Prime Minister Netanyahu: ceasefire negotiations have been initiated. Although no confirmed news has been released yet, the market has sensed a cooling of risk-averse sentiment, leading to a rebound in ETH.
Details of the market:
A 4-hour MACD golden cross has formed, indicating increased bullish momentum.
24-hour trading volume surged to 11,619,401.7 ETH, indicating a clear intention to buy the dip.
Key resistance level near $4350, if broken, could trigger a wave of short liquidations.
Hedging between bulls and bears, where is ETH headed?
Last night's market was essentially a hedge between policy expectations and geopolitical risks. The Federal Reserve's hawkish stance suppressed risk assets, while the Gaza ceasefire eased risk-averse sentiment, causing ETH to oscillate repeatedly in the $4200-4300 range.
Tonight, Federal Reserve Chairman Powell will deliver an important speech, and Israel's response to the ceasefire agreement is also about to be announced. Can ETH break through the key resistance level? Will the bull-bear battle continue to be stuck, or will a one-sided trend emerge?
Do you think ETH will break through $4350, or do you believe it will retrace to $4200? Share your judgment in the comments, and Lao Zhao will help you analyze!
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