Recently, the cryptocurrency market has seen a brief surge, with Ethereum standing out, breaking through the 20-day Exponential Moving Average (EMA20) on the 4-hour chart. However, Bitcoin's performance has been disappointing. Since reaching a high of 124,000 USD, Bitcoin's trend has appeared weak, and in fact, since the price level of 123,000 USD on July 14, it has shown a gradual weakening trend.

In the current market landscape, it is difficult for Ethereum alone to support the upward trend of the entire cryptocurrency market. Investors are pinning their hopes on the upcoming Thursday and Friday, anticipating that Intel's earnings report and Personal Consumption Expenditures (PCE) data will have a positive impact on the market. However, whether these two factors can successfully boost market confidence may not be as significant as the previous Consumer Price Index (CPI) data and the Jackson Hole Global Central Banking Conference.

In this complex market environment, investors need to closely monitor various macroeconomic indicators and corporate financial reports, while also being alert to potential market fluctuations. Regarding the future direction of the cryptocurrency market, we recommend maintaining a cautiously optimistic attitude and being prepared for risk management.