Ethereum's Strong Breakthrough of Historical Highs, Is the Next Target $5000? Comprehensive Analysis of Key Levels!
Ethereum Breaks $4957 to Create a New Historical High, Is the Next Target $5000?
In the Frenzy of the Cryptocurrency Market, Ethereum Once Again Becomes the Focus. After Strongly Breaking the Historical High Over the Weekend, Market Bullish Sentiment is Continuing to Heat Up.
According to OKX Market Data, Ethereum Set a New Historical High on August 25, Reaching a Maximum of $4,957.98. This Breakthrough Marks Ethereum's Official Entry into a New Phase of Price Discovery, Eliminating Historical Pressure from Locked Positions and Creating Conditions for Further Price Increases.
Market Review: Strong Breakthrough of Historical Highs, Bears Suffer Crushing Defeat
This Weekend, Ethereum's Performance is Remarkable. After Breaking the Key Resistance of $4700, the Price Soared, Finally Setting a Historical Record of $4957.98.
Market Sentiment Quickly Shifted from Caution to Optimism. This Breakthrough Not Only Has Technical Significance But More Importantly, Its Psychological Impact Marks the Beginning of a New Bull Market.
As Prices Soared, Bears Suffered Heavy Losses. Coinglass Data Shows That Approximately $54.45 Million Was Liquidated Across the Network in the Last Hour, with Approximately $50.83 Million from Short Positions. This Fully Demonstrates the Strong Return of Bullish Forces.
Technical Analysis: Key Positions and Long-Short Competition
From a Technical Perspective, Ethereum is Currently in a Critical Stage. The Four-Hour Chart Shows a Standard ABCD Harmonic Structure, Indicating That This Round of Upward Movement is Not Chaotic Fluctuation, But Follows a Clear Price Path.
Key Support Levels:
4600: Previously a Key Resistance Level, Now Important Support After Breaking Through
4660-4720 Range: Provides Secondary Support; Consider Positioning When Pulling Back to This Range
4550-4508 Range: Seen as a 'Solid Defense Line', Strong Support for Deeper Corrections
In Terms of Upward Resistance Levels:
4850-4900: Current Initial Resistance Area
5000: An Important Psychological Level, A Breakthrough May Trigger Accelerated Upward Movement
5200-5300: Analyst BitBull Points Out That If the Weekly Close Stays Above $4600, the Next Target for the Upward Phase Will Be the $5200-5500 Range
Technical Indicators Show That the Current Relative Strength Index is Stabilizing Around 65. Although It is in a Higher Range, There is Still Room Before the Overbought Threshold. Meanwhile, the MACD Indicator Continues to Expand Above the Zero Line, with Red Bars Gradually Lengthening, Reflecting Sufficient Upward Momentum.
Market Outlook: Is $6000 Not Out of Reach?
For Traders, The Current Technical Logic of Ethereum is Quite Clear: If the Closing Price Stays Above $4900, It Can Be Seen as a Signal to Add Positions or Enter the Market, with Stop Loss Suggested Below $4600.
Analyst BitBull States: 'Ethereum is Attempting to Close Above $4,600 on the Weekly Chart. If Successful, This Will Be an Important Confirmation, Indicating That This is Not a Bull Market Trap.'
He Also Points Out: 'If Ethereum Can Achieve a Weekly Close Above $4,600, It Will Set the Highest Weekly Close in History. This Will Also Pave the Way for the Next Upward Phase, with Target Prices Reaching $5,200–$5,500 Next Week.'
Ethereum's Current Market Cap of $569 Billion is Not Only a Numerical Representation but Also Reflects Its Core Position in Decentralized Finance, the NFT Market, and Blockchain Infrastructure Development.
This is Also an Important Distinction Between This Round of Upward Movement and Past Trends, It May Not Be Driven by Short-Term Speculation, But Rather the Starting Point of a New Long-Term Trend.
Operational Strategy: Follow the Trend and Capture Key Levels
In Response to the Current Market Situation, Traders May Consider the Following Strategies:
Bullish Strategy
Consider Entering Positions Around the 4660-4720 Range
Consider Adding Positions After Breaking 4750
Targeting the 4850-4900 Range
Bearish Strategy:
Consider Lightly Shorting Around 4850
Set Defensive Levels Above $4900
Targeting Around 4700
Risk Control:
Regardless of Long or Short Operations, Stop Loss Levels Must Be Set
Bullish Position Stop Loss Reference Below $4600
Position Management is Crucial to Avoid Over-Leveraging in High-Risk Markets
It is Noteworthy That the Ethereum/BTC Exchange Rate Has Shown Signs of Strengthening, Entering a Short-Term Upward Channel. This Indicates That In the Context of the Overall Cryptocurrency Market Warming Up, Ethereum is Performing Better Than Bitcoin, and Funds are Beginning to Reallocate to Tokens with Greater Upward Potential.
Conclusion: Ethereum Begins a New Journey, Responding Rationally to Market Waves
Ethereum's Strong Breakthrough Has Created History, But Traders Still Need to Stay Rational. Despite a Bullish Technical Outlook, the High Volatility of the Cryptocurrency Market Cannot Be Ignored.
Key Attention Should Be Paid to the Effectiveness of the $4600 Support Level and the Confirmation of the Breakthrough at $4900. These Key Levels Will Greatly Determine Ethereum's Short-Term Trend.
If Ethereum Can Hold Key Support and Successfully Break Through the Psychological Level of $5000, the Probability of Moving Towards the 5300-5500 Range Will Greatly Increase. There is Even Hope for a Push Towards $6000 in the Coming Months.
The Market Never Moves Forward in a Straight Line, But Ethereum Has Established a Solid Foundation for Future Growth with Its Core Position in DeFi, NFT, and Blockchain Infrastructure Development.
