Based on the current market analysis of ETH, the price has gone through three phases: decline, testing the bottom and rebound, and then a pullback under pressure.

Currently, the support will be around 4480 and 4570. The 4480 level is the lower band of the Bollinger Bands, which has been tested and stabilized multiple times in history. The 4570 level serves as the dividing line between bulls and bears; breaking below this level turns the market bearish. Resistance is observed at 4670 and near the previous high of 4700. The 4670 level acts as a resistance point for rebounds, and if it is not broken, a pullback occurs. The 4700 level is the starting point of the previous decline, indicating significant pressure.

From the candlestick and momentum perspective, the continuous bearish candlesticks on August 28 indicate that the rebound momentum is exhausted and bears are regaining control; additionally, selling pressure near the upper band is heavy, and bulls are unable to break through.

Of course, if the price dips to around 4480 and forms candlestick patterns like long lower shadows or bullish engulfing patterns, it may suggest that the bearish momentum has been released, and one can look for rebound opportunities.

In the short term, the market is biased towards bearishness, but Lao Wang is the leader of the bulls, and he still maintains a strategy of buying on dips.

We are waiting for a stabilization signal near the lower band around 4484, such as a bullish close or increased trading volume, before making further low purchases; our initial target is to reclaim the middle band at 4570, and if broken, we can look towards the upper band at 4670.

Lao Wang reminds everyone that the cryptocurrency market is highly volatile; once a breakout occurs, the trend may accelerate, so strict stop-loss is necessary to avoid emotional holding of positions. $ETH #ETH走势分析