Yesterday's Review

Ethereum fell from around 4640 in the morning yesterday to approximately 4560, then experienced a step-like upward trend. The capital inflow for Ethereum in the last 24 hours reached 40 billion at one point, causing the market to remain in a high-level fluctuating state, repeatedly breaking through and consolidating with an increase of 30 to 40 points. Currently, the market's greed sentiment is continually rising, with less than 100 points away from the peak of the bull market in 2021. However, there is significant pressure above, and after breaking through historical highs, the next major resistance point is only the 5000 mark. With a high likelihood of the U.S. lowering interest rates by 50 basis points in September, breaking through historical highs seems to be a certainty. However, there are no absolute certainties in financial markets, so caution is advised for a possible pullback before reaching the peak.

Technical Analysis

Currently, the market appears to be in a pullback phase after a high surge. The moving averages are in a bullish arrangement, but the short-term moving averages are showing a tendency to turn downward, indicating a shift towards bearish momentum. If the current trend does not drop below the MA30 price of around 4660, it may rise again. The MACD indicator's fast line and slow line have formed a death cross, indicating a downward trend, but overall it remains in a bullish market above the 0 axis. The RSI indicator is currently in a normal trading phase, with the buy line crossing below the slow line, suggesting a potential decline. Additionally, the longer timeframes of 4 hours and 1 day are in the overbought region, indicating that a pullback may follow.

Upper Resistance: 4800, 4877, 4900, 4960, 5000

Lower Support: 4660, 4620, 4560, 4500, 4430

Low Long Strategy: Long position in the 4660--4640 range, add positions at 4560; if it drops below 4500, cut losses promptly.

First Take Profit: 4780

Second Take Profit: 4870

Prevent a large-scale pullback if the historical high is not broken.

High Short Strategy: Short position at 4800, add positions at 4877; if it breaks through 4900, cut losses.

First Take Profit: 4710

Second Take Profit: 4640

Today's market will see fierce battles between bulls and bears. Whether the bears can hold the last line at the historical high and whether the bulls can break through this final barrier is crucial!