#ETH

Ethereum
In yesterday's review, Ethereum experienced a cliff-like decline, dropping from a high of 4454 at 8 AM all the way down to the 4000 mark, a total drop of 445 points. It then rebounded from the bottom. From the market sentiment perspective, this did not cause panic selling; instead, it increased confidence in Ethereum's rise to 5000. Since rising above 4000 in early August, Ethereum has been oscillating in the area above 4000 for more than 40 days. This cliff-like drop, while not breaking below the 4000 bottom, has actually made Ethereum's bottom more solid. If Ethereum does not drop below 3800, the implementation of lower interest rates and the subsequent 50 basis points cut will push Ethereum to a new height.
Technical Analysis
From the 4-hour perspective, the Bollinger Bands are opening downwards, corresponding to the price range of 4649-4375-4102. The 1-hour Bollinger Bands are currently in a tightening state, with the market operating above the middle line, experiencing a fluctuating decline.
The MA moving average indicator shows a one-sided downward arrangement on the 4-hour chart. When the MA5 corresponding price of 4173 has turned upward, if the market stabilizes above MA5, it will launch an attack towards the MA10 corresponding price of 4277 and the midline at 4375. On the hourly chart, the short-term moving average has turned upward and crossed the medium-term moving average, indicating a shift from bearish to bullish market conditions. The market is in a state of fluctuation and consolidation.
The MACD indicator shows a death cross below the 0 axis on the 4-hour chart, with the fast line having an upward trajectory. The bearish energy bars are weakening, while there is a golden cross below the 0 axis on the hourly chart, and the bullish energy bars are gradually weakening. The market is in a consolidation phase.
The RSI indicator shows a golden cross moving upward in the oversold area on the 4-hour chart, while it shows a death cross moving downward in the overbought area on the hourly chart. The market is in a phase of consolidation.
Conclusion: During the consolidation phase, if it tests the support area of 4070 downwards again without breaking, it will rebound and rise.
Resistance levels: 4280, 4346, 4485
Support levels: 4120, 4070, 4000
Long Strategy: If it does not drop below 4070, go long in the direction of the trend; if it breaks below, establish a primary position at the integer level of 4000, add more at 3880, and set a stop loss at 3830.
First Take Profit: 4180
Second take profit: 4280
High-altitude strategy: If the pressure zone of 4350 is not broken upwards, one can short in the trend; after breaking, establish the initial short position above 4450, with an additional buying point at 4600 and a stop loss at 4650.
First take profit: 4220
Second take profit: 4135