From the current market situation, Ethereum (ETH) is indeed showing a certain strengthening trend in the new week. Here is an analysis of ETH's trend:
Technical Analysis
• Short-term Trend: ETH has firmly established the key support level of $1600 in its movement on April 21 and shows signs of advancing towards $1700. If ETH can maintain the $1600 level on the four-hour chart and break through the resistance zone of $1688-$1700, the short-term market is expected to strengthen further, challenging the resistance level of $1800 or even higher.
• Key Resistance Level: $1700 is the key resistance level for ETH in the short term. If this resistance can be effectively broken, it may open up upward space to the range of $1750-$1850.
• Technical Indicators: Currently, the daily MACD for ETH is still in the bullish zone, and the RSI remains stable above 50, indicating that buying pressure is still present.
Market Sentiment and News
• Market Sentiment: Overall market sentiment towards ETH is relatively optimistic. The movement of Bitcoin also has a certain impact on ETH. If Bitcoin can continue to strengthen, ETH is expected to follow suit.
• Ethereum Upgrade: On April 21, Ethereum will undergo the "Budala Upgrade," which is crucial for Ethereum. If the upgrade is successful, it may further enhance investor confidence in ETH.
Risk Warning
• Pullback Risk: Although ETH is currently showing a strong trend, the resistance level at $1700 is quite critical. If it cannot be effectively broken, it may trigger a pullback. Additionally, if Bitcoin's trend adjusts, it may also have certain drag on ETH.
• Market Volatility: The cryptocurrency market is highly volatile, and investors should closely monitor market dynamics, manage positions prudently, and avoid excessive chasing of prices.
In summary, ETH is showing a certain strengthening trend in the new week, but whether it can break through the key resistance level of $1700 still needs observation. Investors should closely monitor market dynamics and implement effective risk control.
