Dear cryptocurrency friends, I am the Block Gold. Today’s one-hour K-line for ETH (as of August 28, 14:00) is quite tangled: opened at 4568, peaked at 4580, dipped to 4552, and closed at 4574, with a daily volatility of only 0.6%! The price is trapped near the BOLL middle band (4570), making it difficult for both bulls and bears to act.


Details are as follows...

From a technical perspective, three key levels must be closely monitored:


Resistance level 4660 (BOLL upper band around 4662): Breaking through here will open up upward space, but it needs to be accompanied by increased volume!
Death line 4550: It’s barely holding above this level now; if it breaks below, short-term sentiment will turn bearish, and it will likely head towards the 4470 support.
Iron bottom 4470 (BOLL lower band 4477): If it really drops here, it will be a price favored by bottom fishers.

What’s even more intriguing is the MACD and volume: DIF (-6.13) and DEA (-6.22) are almost glued below the zero axis, with the MACD histogram at only 0.19, and trading volume is clearly shrinking—indicating the market is watching, waiting for a signal to ignite direction! Making moves in this market can easily lead to being caught off guard.



In light of the latest news,

The US economic data from early this morning actually subtly provided some support:



The number of initial unemployment claims in the US for the week is 235,000 (previous value 230,000),
Revised Q2 GDP figure is 3.0% (previous value 3.1%).

Data was slightly worse than expected, indicating the economy is not as 'hot'—this actually increases market expectations for the Fed to cut interest rates sooner. The expectation for monetary easing is heating up, theoretically benefiting risk assets (including ETH). But to be honest: this supportive effect is limited, don’t expect it to drive the market on its own! It’s more like a 'calming pill', limiting downward space, but upward movement still relies on technical breakthroughs and more capital entering the market.


I have experienced too many of these volatile markets! For example, last October, ETH consolidated around 1600 for two weeks before suddenly breaking through the BOLL middle band with increased volume, followed by a 40% surge in the next month. The longer the consolidation, the more explosive the breakout—key to watch if it can 'break through with volume'. Currently, volume is shrinking, clearly a calm before the storm; brothers need to patiently wait for direction choice.

Block Gold's viewpoint
Short-term players: Hold your hands! Don't chase long before breaking 4660, and don’t chase short before breaking 4550.
Long-term players: Around 4470 is the area for gradual accumulation; hold on and don't get shaken out.

Conservative fans should go long around 4550, take profit at 4600, and set a stop loss at 4530.

Or if it breaks below 4470, you can try a small short position, taking profit at 4430 and setting a stop loss at 4490.

The market is brewing a major shift, either a big bullish candle breaking through 4660 or a big bearish candle crashing through 4550. I will closely monitor tonight's US stock market opening and BTC trends—want to know the directional choice in real-time? Follow me, and I will post reminders as soon as the breakout signals arrive!