Will ETH plummet?

Conclusion: ETH continues to decline, with support levels to watch at 4600 and 4500.

Candlestick Patterns:

1-hour level: Recently, a long upper shadow (such as the high of 4797.97 on August 25 at 08:00) and a long lower shadow (such as the low of 4656.48 on August 25 at 14:00) have appeared, indicating intense competition between bulls and bears. A short-term consolidation range has formed between 4700-4800.

Daily level: A breakout long bullish candle was formed on August 22 (4207→4887), but there have been three consecutive days of bearish candles since, forming a "Dark Cloud Cover" pattern, raising caution for short-term top risks.

Technical Indicators:

MACD: At the 1-hour level, the DIF has crossed below the zero line (-16.2), and at the daily level, the red bars are continuously shrinking (12.12→22.26), indicating weakening momentum.

RSI: At the 1-hour level, it is at 38.0, which has not reached the oversold zone, while at the daily level, it is at 61.83, still in the strong zone but turning downwards, necessitating caution for divergence.

EMA: At the 1-hour level, the price has dropped below EMA7 (4720.6) and EMA30 (4755.0) but is supported by EMA120 (4606.7). At the daily level, EMA7 (4605.62) still maintains a large positive deviation from the price.

Trading Volume:

On the plummet day (August 25 at 08:00), there was an extreme volume of 50,072, but during the rebound phase, the volume decreased (only 18,182 at 14:00), indicating weak buying pressure.

Daily level: On August 22, the breakout volume was 1.27 million, and the recent pullback volume has maintained at 180,000 to 190,000, with no panic selling volume observed. #ETH创历史新高 $ETH