08.25 Ethereum Daily Market Analysis

08-25 11:01 Read 20

Review of Ethereum's previous market, last night Ethereum reached a short-term support level near 4700, unfortunately, no opportunity was given for long positions, while the analysis during the session showed that the resistance level above Ethereum was around 4900. In the early morning, Ethereum experienced a surge, breaking through historical highs, reaching a peak of 4958. Short positions were established near 4900, then it rose to 4958, and additional positions were added near 4950. In the morning, Ethereum dropped to below 4670, and the short positions achieved a steady profit of 230 points before exiting.

      Today's Ethereum market analysis indicates that in the morning Ethereum rebounded from the previous low around 4660, currently up over 100 points. As shown in the trend chart, during the day, continue to pay attention to the trend support level near 4650. It is recommended to go long again if the 4650-4680 range holds, and to go short if it breaks. Above, continue to monitor the trend resistance level near 4900, and it is suggested to go short if the 4930-4900 range does not hold, with a view to reconsidering entering short positions near 4980 if it breaks.

      On the technical side, the daily Bollinger Bands are narrowing, with an upward opening. Yesterday, a bullish doji was formed after probing the historical high, followed by a drop of 300 points. The market is quite volatile, and after a continuous surge, it can continue to look for a corrective recovery during the day. The main strategy is to short at high rebounds. After probing the highs in the early morning, the 4-hour chart shows a rebound near the middle band of the Bollinger Bands, but it has already fallen below the support formed by the crossing of MA5 and MA10, forming a bearish candle. The outlook for the day remains bearish. Additionally, the MACD indicator shows a weakening of momentum in the 4-hour chart, indicating a need to be cautious of the risk of a pullback. The RSI indicator shows a current high of 78.90. In summary, given that Ethereum has broken historical highs, the recommended strategy is to primarily focus on short positions at high levels. $ETH