"When others are fearful, I am greedy. Have you boarded the right moment on this crypto market train?"
In the ever-changing world of cryptocurrency, every day is a thrilling 'blockbuster scene.' Some become rich overnight, while others go to zero in an instant. However, those who can steadily make profits amidst this chaos are often those who can accurately grasp trends and act decisively. Just like now, when others are hesitating over whether to buy or sell ETH, I can confidently say: as long as ETH does not fall below 4220 USD, the bullish flag will be flying high, and breaking through 4400 USD today is not an issue!
Bullish pattern: as stable as Mount Tai's technical support
First, let’s take a look at ETH’s technical aspects, just like building a house requires a solid foundation; technical support is the 'foundation' for ETH's rise. Recently, ETH's trend has been very orderly, finding super strong support near 4060 USD, like finding a safe harbor, and then starting to rebound. Now the price is oscillating in the range of 4210 to 4370, which is actually accumulating energy, just like the tighter a spring is compressed, the more powerful it is when it rebounds; the next surge is just a matter of time.
From the 2-hour chart, there is a particularly key indicator - the EMA24/52 indicator, which forms a dynamic support in the range of 4272 - 4265. Coupled with the static support at 4220, it’s like adding two solid defenses to the price of ETH, greatly enhancing the resilience of the bullish defense. It’s like a football match; the bulls are the goalkeeper, and these two supports are the solid defenses in front of the goalkeeper. It’s not easy for opponents to break through.
Let me share my personal experience. I was once optimistic about a cryptocurrency that had a technical setup similar to the current ETH, also oscillating near a critical support level. At that time, many people were not optimistic, thinking it wouldn’t rise, but I firmly believed that as long as the support level held, the bullish trend would persist. Not long after, this cryptocurrency surged like a wild horse, and I made a substantial profit. So, technical analysis is still quite reliable; everyone should not overlook it.
Powell's speech: a stabilizer for the market under neutral expectations
Tonight, the market's main focus is on Federal Reserve Chairman Powell's speech at the Jackson Hole annual meeting. This is Powell's last Jackson Hole speech as Fed Chairman, and the market is paying close attention. However, don’t panic; Wells Fargo predicts that Powell is likely to announce the abandonment of the flexible average inflation targeting (FAIT) and return to a single 2% inflation target. This adjustment is like giving the market a 'calming pill', which will not have an immediate impact on the market but will provide greater flexibility for future Fed policies.
Now Powell is like an acrobat walking on a tightrope, with inflation maintaining at 2.7% (above the 2% target) on one side, and the unemployment rate rising to 4.3% on the other. In this balanced state, he is unlikely to make a clear statement, instead continuing to emphasize a 'data-dependent' stance. It’s like a teacher grading students; he won’t give a fixed score at the beginning but will decide based on the students' subsequent performance. So, Powell's speech tonight is unlikely to trigger a significant market drop; everyone can breathe a sigh of relief.
Operational strategy: buy on dips and seize the golden opportunity to 'pick up passengers'
Since the bullish trend is so obvious, our operational strategy is very simple - buy on dips. Specifically, it is recommended to buy in the area around 4260 - 4290, with a stop-loss set below 4220, and target towards the 4380 - 4400 area. After breaking through, we can aim for around 4450 - 4480.
Why do I say that? Because the price retracement to the support area is just 'picking up passengers', like a bus that stops to let passengers on while driving. This is the last opportunity for investors who haven't boarded yet. After the market increased from 4060, it needs to attract more following orders to unload successfully, and clearly, it hasn't reached that stage yet. It's like a performance; the actors must first attract the audience before they can start the wonderful performance and eventually take a bow.
However, investing is not a simple matter. Although I am bullish on today's ETH trend, everyone still needs to pay attention to several key points. The main resistance above is in the 4350 - 4400 area, and a breakthrough here will accelerate the upward movement; the important support below is in the 4220 - 4130 range, and breaking below this area will change the short-term trend pattern. Although the possibility of an unexpected statement from Powell tonight is low, if he unexpectedly makes hawkish comments, it could still trigger short-term market fluctuations. Therefore, it is essential to set stop-losses in trading; managing risk is always the top priority. In this market, surviving is the ultimate victory.
The crypto market is like an ocean full of treasures but also hides countless risks. Only those who have courage, wisdom, and execution can ride the waves in this ocean and reap abundant wealth. Now the opportunity to 'pick up passengers' for ETH is right in front of you. Will you watch it slip away, or will you decisively seize this once-in-a-lifetime opportunity? I am Shen Ce, a crypto blogger. If you also want to share in the profits of the crypto market, follow me, and let’s bravely move forward in the waves of the crypto market!
