Ethereum Trading Suggestions for August 19
The current technical situation for $ETH shows a clear bearish pattern. After confirming the double top formation at 4355/4388, it accelerated down to 4218, struggling to rebound and facing resistance at 4244. The daily chart shows two consecutive bearish candles breaking below the previous low, with key support moving down to around 4193. The MACD has diverged with a death cross, and the RSI is weakly oscillating at 36.6 on the hourly chart, while the daily chart shows 56.8, indicating dominance of bearish momentum. The EMA moving average system is in a bearish arrangement, reinforcing downward pressure.
The volume structure reflects continued selling pressure with upward volume on declines and reduced volume on rebounds. Meanwhile, the unlocking of 880,000 ETH by institutions suggests potential selling, indicating a possible 5%-7% decline, creating a tug-of-war with BlackRock's ETF holdings.
Trading Suggestion: A short position may be considered in the short-term resistance zone of 4250-4280. If the market stabilizes at 4193, a technical rebound may be triggered; otherwise, the risk of further decline increases.
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