The dovish tone of the Federal Reserve meeting ignites ETH market, will #ETH rise or fall tonight? Look here!!

First, from the news perspective, Federal Reserve Chairman Powell made a statement at the Jackson Hole meeting, causing ETH to break its historical high. This influence is quite significant.

The policy direction of the Federal Reserve has always been an important barometer for the crypto market. This speech may hint at the future direction of monetary policy, injecting strong confidence into the market and giving ETH bulls more confidence.

Now looking at the technical perspective, it can be clearly seen from the 1-hour candlestick chart that ETH is currently in an upward trend after a period of fluctuation. The upper resistance level is at 4888, the key level is at 4780, and the support level is at 4660.

The current price is hovering near the key level, with fierce long and short battles.

The BOLL indicator shows that the price is above the middle track, indicating some upward momentum;

In terms of trading volume, although there is volatility, there has not been an extreme increase overall;

The RSI indicator is in the normal range, with no obvious overbought or oversold signals.

Special opinion: Although the news from the Federal Reserve brings good news, ETH is facing a directional choice near the key level.

If it can effectively break through 4780 and stabilize, the likelihood of hitting the 4888 resistance level will greatly increase. Conversely, if it breaks below the 4660 support level, a pullback may occur.

The crypto market is changing rapidly, so be cautious, set proper stop-loss and take-profit levels, and don’t blindly follow the trend.

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