Recently, the Ethereum market has been quite turbulent, with price trends showing an astonishing similarity to last week, causing the emotions of many investors to fluctuate. The price first rapidly plunged to around $4300, and this swift decline instantly ignited tension in the market, with many investors worrying whether the market would face a new round of deep adjustments. However, a dramatic turnaround soon followed, with the Ethereum price quickly stabilizing and strongly reclaiming the $4300 level, followed by a steady upward movement, peaking at around $4500, where it faced some pressure, and the current price is fluctuating slightly below the pressure level.
Old Tang, as a senior market observer, still adheres to his judgments based on technical analysis and market experience — as long as the Ethereum price does not break the key weekly support level, the overall bullish trend remains valid, and the view of continuing to be bullish does not change. In Old Tang's view, the weekly support level is like the North Star for Ethereum's price movement, serving as a key reference indicator for judging the medium-term trend of the market. Once the price breaks below this support level, the market is likely to enter a deep adjustment mode, with a target price potentially retracing to around $3500. This potential deep correction will not only severely impact the confidence of short-term investors but may also trigger a chain reaction in the market, leading to panic selling.
From a technical analysis perspective, the $4300 price level plays an extremely important role in the recent market. When the price sharply dropped to this level, the trading volume did not show an abnormal increase, indicating that the panic selling in the market at this price level was not severe, and there may actually be substantial buying support here. Subsequently, the price quickly rebounded and stabilized at $4300, showcasing strong support strength near this price level. When the price rose to around $4500, it encountered obvious resistance, as indicated by the long upper shadows of multiple consecutive candlesticks, suggesting heavy selling pressure above this price level, with the market showing some divergence regarding further upward movement.
In terms of market sentiment, the sharp fluctuations in price have also triggered significant swings in investor emotions. When the price fell to $4300, a panic sentiment pervaded the market, with some investors fearing that a market top had formed and choosing to sell their Ethereum. However, as the price rapidly rebounded, market sentiment gradually turned optimistic, with many investors beginning to regret their previous selling actions and looking for re-entry opportunities. This rapid shift in sentiment also reflects to some extent the uncertainty in the market and investors' overreactions to short-term price fluctuations.
Looking ahead, the price trend of Ethereum remains full of uncertainty. If it can effectively break through the $4500 resistance level, the upward space may further open up, potentially aiming for higher price levels. However, if it breaks below $4300 again, especially with a significant decline accompanied by increased trading volume, the bearish forces in the market will further intensify, and the likelihood of a deep adjustment will significantly increase. Investors in the current market environment need to closely monitor price movements and changes in trading volume, while also considering macroeconomic conditions, overall trends in the cryptocurrency market, and other factors, to make cautious investment decisions in response to the changing market dynamics. Feel free to share your thoughts in the comments section.#特朗普家族币
