$ETH Market Analysis: 4700 Key Level Bull-Bear Showdown
4 Hour Level: Long Upper Shadow + Death Cross Resonance, 4887 Surge and Rebound + MACD Death Cross, clearly indicating heavy selling pressure above 4800, this wave of short-term peak has ended.
Daily Level: The Dark Cloud Cover pattern is too typical! After consecutive large up days, a covering bearish candle is formed, directly announcing a decrease in short-term upward momentum, don’t fantasize about new highs continuing.
Broke below 4 Hour EMA7 but holding EMA30, short-term moving averages are flat, the bull-bear game is entering a stalemate phase.
On the 22nd, there was a large volume (1.27 million) + on the 23rd, a decrease in volume (160,000), a typical "surge and retracement", indicating that the main force did not escape on a large scale, short-term selling pressure is manageable.
A series of decreasing volume consolidations around 4700, no panic selling has occurred, which is a good thing! It indicates that the support below is effective and the bulls are still holding strong.
Currently, it is a pattern of short-term adjustment + mid-term trend undecided, with 4700 support being a battleground for bulls and bears. Don’t go against the trend, focus on defense in the short term, wait for a stabilization signal at the daily level before entering.
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