8.25 Ethereum frequently favorable, can the historical high of 4880 be effectively broken?
Actually, the Bitcoin market is similar to what we expected, 123000 is just a feint, a surface rise, but in reality, it’s selling off. Bitcoin broke through the previous high to 124000 USD, a historical high, but the weekly K volume clearly shows a significant decrease in trading volume. The next focus is still on the 108000 position. Currently, it has tested the 112000 position twice. We will wait for it to break down.
Currently, ETH is under key pressure testing, can the red three soldiers continue to maintain upward momentum? The current 4-hour cycle shows that the ETH price is above the EMA24/52 moving averages, the overall trend is relatively strong. The KDJ golden cross quickly converged, indicating that a short-term pullback may occur. The chip distribution indicates that 4746 is a key support level, with a significant trading volume peak below, showing strong buying power. If the price retests this support and stabilizes, it will provide a low-risk buying opportunity. The MACD histogram is reducing, initial signs of downward momentum are appearing, but the red three soldiers pattern strengthens the bullish signal. Combined with the upward EMA slope and the RSI breaking the upward trend line, the bulls still have an advantage.
In the evening, Ethereum touched near the historical previous high but was pushed down by the pressure of the historical previous high. We will continue to pay attention to the 4880 level moving forward. If it doesn’t break, it will continue to decline with the Bitcoin market. For the retest, pay attention to the 4100 lifeline position. Currently, in the evening, we continue to monitor the stabilization situation at the 4800 position.
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Operation Suggestions:
Bitcoin 116000-116500 short, target around 115000-114000. Stop loss at 117500.
Ethereum 4830-4880 short, target around 4650-4550. Stop loss at 4930.
