The current price of Ethereum (ETH) is $1,789, with a 24-hour increase of 13.46%, continuing the upward trend after breaking through the key resistance level of $1,720. Technical indicators show a four-hour MACD golden cross, neutral RSI (55), and a short-term trend leaning towards bullish. However, the daily RSI is close to the overbought area (75), and caution is advised regarding the risk of a pullback. Key support levels are $1,720 (four-hour EMA30 moving average) and $1,650 (previous day's low), while resistance levels are $1,820 (previous high) and $1,880 (weekly resistance level).
Entry strategies:
1. Aggressive: Open a long position with a small amount at the current price, target $1,820, stop loss at $1,650, and if it breaks through $1,820, increase the position looking for $1,880.
2. Conservative: Wait for a bounce at the $1,720 support level before entering, with the same target as above, stop loss at $1,650.
3. Risk control: Position size should not exceed 15% of total funds, strictly enforce stop losses, and avoid chasing highs.
Key driving factors:
- Fundamentals: Layer 2 ecosystem (Arbitrum, Optimism TVL has risen to $25 billion) and DeFi activity (Curve Finance TVL has surpassed $5 billion) support demand.
- Market sentiment: Bitcoin breaking through $93,330 has driven a general rise in cryptocurrencies, with institutions increasing their holdings in Ethereum spot ETFs (net inflow of $14.57 million in one day).
- Technical upgrades: The Prague hard fork on May 7 will optimize Layer 2 performance and enhance network throughput.
Risk warnings:
- If it falls below the $1,720 support, it may test $1,650.
- Beware of the SEC's cryptocurrency policy meeting (April 25) and the pressure from large capital outflows (4,000 ETH transferred out of exchanges within 24 hours).
Summary: The short-term trend is bullish, suggesting to enter positions in batches on dips, relying on support levels for layout, paying attention to resistance level breakthroughs, and controlling positions to guard against volatility.
