#ETH#

Ethereum review yesterday
Yesterday during the day, Ethereum overall showed an upward movement to the upper Bollinger Band, followed by a downward correction that broke below the middle band to test the support at the lower band. Throughout the day, the market was continuously controlled by bears, with prices continuing to decline and testing the support levels below. After the US stock market opened at 9:30 PM, in the context of the US stocks continuing to rise, the cryptocurrency market followed the downward trend, not participating in the upward movement. Currently, the market display shows a phenomenon of taking profits amid good news while being bearish.
From the 4-hour chart, it is currently in a rebound after hitting the lower Bollinger Band, but the rebound strength is relatively weak, and the pressure level of the middle line has not been tested. The middle line of the Bollinger Bands is declining, corresponding to a falling market. The three lines of the Bollinger Bands correspond to prices 4428--4529--4630. From the 4-hour chart, the bearish volume continues to increase in a balanced manner. If it can hold above the lower line, it may test the pressure level of the middle line; otherwise, it may accelerate the decline.
The short-term MA indicator on the 4-hour chart has formed a death cross and is trending downwards, with ETH currently trading below the 5-day moving average, corresponding to a price decline. After the death cross of the short-term moving averages on the hourly chart, it has entered a parallel phase, and bullish volume is starting to emerge. The price is currently moving between the 5-day and 10-day moving averages, indicating that there will be a period of consolidation to choose a direction.
The MACD indicator on the hourly chart is currently moving forward with a composite crossover below the zero line, and there is a trend of a golden cross moving upwards. Bullish momentum is starting to increase. On the 4-hour chart, there is a double line moving down below the zero line, crossing below the zero line, and it is currently in a parallel downward trend below the zero line, with bearish momentum gradually increasing.
The RSI indicator is at an oversold stage with a corresponding value of 11.8---6.3. Currently, it is showing a golden cross and the market is fluctuating upwards. However, a continued downward movement may also lead to an accelerated decline in the market.
Conclusion: Sideways Consolidation
Pressure: 4530, 4630, 4750
Support: 4400, 4350, 4230
High-altitude strategy: establish a short position near 4530, add position at 4630, and stop loss if it breaks and stabilizes above 4750.
First Take Profit: 4400
Second take profit: 4360
Long strategy: Establish a primary long position near 4400, with an additional buying point at 4350. Stop loss if it breaks and stabilizes below 4230.
First Take Profit: 4520
Second take profit: 4620