Evening Analysis:

Ethereum demonstrated a fierce offensive during the day, starting a one-sided rally from $1561 during the Asian session. Before the European session, it had strongly broken through the $1690 mark, successfully reaching the technical fortress of the 120-day moving average. Current price momentum is strong, with the MACD on the four-hour chart showing a second golden cross above water, paired with increasing volume, suggesting that this round of offensive may aim for the key mid-line of the Bollinger Bands at $1735.

The market needs to focus on the psychological battleground at $1700: if it can stabilize above the $1690-1705 resistance zone during the European and American sessions, there is a possibility to open up a $30-50 upward space; conversely, if a high-level stagnation signal appears, it is necessary to be wary of profit-taking by bulls leading to a technical pullback, with a dense support zone formed by multiple cycle moving averages and the Fibonacci 61.8% retracement level in the $1635-1608 area.

The suggestion is to short around $1700-1740, with a target near $1630.