#ETH

Yesterday's review showed that the market was generally in a sideways consolidation, and it broke upwards to 4143 early this morning. Currently, it is undergoing a technical correction on the 4-hour chart. At present, Ethereum has fallen below 4000 and has attempted to rebound above 4000 multiple times but has not been able to hold above that level and has retreated. However, it has not broken below the support at 3800. Currently, the rebound momentum seems strong, and if it can stabilize above 4070, there is a trend for further upward rebound.
Technical Analysis
From the weekly perspective, the current Bollinger Bands continue to show an upward movement, but there are signs of a closing line on the upper band. The market is generally in a bullish state. The corresponding prices for the weekly chart are: 5289-3551-1812. In the daily chart, the market is currently in a rebound phase after breaking through the Bollinger Bands. If it continues to rise, it will challenge the middle band, with the corresponding prices for the three lines being: 4830-4352-3874. There is a high-level sideways fluctuation.
The MA moving average indicator on the weekly chart shows that the short-term moving average is creating upward pressure in the current market, while the medium to long-term moving averages provide support below. However, the MA5 corresponding to the price of 4321 has not fully crossed down through the MA10 corresponding to the price of 4298 to form a death cross. If the market continues to rise and stabilizes above the short-term moving averages, a new round of increase may occur.
The MACD indicator weekly chart forms a death cross above the 0 axis, with bullish volume weakening and bearish volume starting to appear. The daily chart is about to form a golden cross upward below the 0 axis, with bearish volume weakening.
The RSI indicator is in the normal trading phase of a death cross heading down on the weekly chart, while it is in the normal trading phase of a golden cross heading up on the daily chart, but the buying line shows a trend of closing downward.
Conclusion: The oscillating consolidation is biased towards a decline.
Resistance levels: 4220, 4280, 4350
Support levels: 4060, 4000, 3960
High-altitude strategy: If the upward rebound does not break 4220, you can short in the direction of the trend. After breaking, establish a primary position near 4300, add to the position at 4480, and set a stop loss at 4510.
First Take Profit: 4160
Second Take Profit: 4070
Long strategy: If there is a downward pullback that does not break 4000, you can go long accordingly. If it breaks, you can establish an initial long position near 3960, add to your position at 3830, and set a stop loss at 3800.
First Take Profit: 4110
Second take profit: 4220