#ETH

Ethereum
Yesterday's review showed that Ethereum was overall in a high-level sideways consolidation during the day, fluctuating around the 4460-4550 range. In the evening, influenced by the interest rate cut news, it dropped from the high point of 4530 by over a hundred points to 4410. Subsequently, influenced by Federal Reserve Chairman Powell's speech, it surged by 220 points during the night to 4630. Currently, it is in a high-level sideways consolidation phase. Ethereum's recent price trend shows a tendency to fluctuate upward, but there are signs of stagnation. The trading volume surged significantly on September 12, marking the starting point for the recent market movement, but then gradually declined, indicating a weakening willingness to chase the rise. The trading volume has noticeably shrunk over the past two days, and we need to be cautious of the deep adjustment risk that may arise from the divergence between volume and price.
Technical analysis
From the 4-hour Bollinger Bands perspective, the current market is in a rebound after touching the lower Bollinger Band and pulling back to the upper band. If the pullback does not break the middle band at 4530, the market will continue to rise, possibly reaching the resistance level of 4770. The three corresponding prices are 4431--4530--4628, with the three lines parallel, corresponding to a range of market fluctuations.
From the perspective of the hourly chart, the MA moving average is in the golden cross upward after crossing the medium and long-term moving averages from below. This corresponds to a rising market. From the four-hour chart, it shows a parallel upward trend of the short-term moving average, which also corresponds to a rising market.
The MACD indicator shows two lines parallel and moving upwards, indicating that the bullish momentum is gradually strengthening, corresponding to a rise in the market. On the 4-hour chart, a golden cross is moving upwards, the fast line is crossing above the 0 axis, and the slow line is about to cross above the 0 axis as well, with both lines moving upwards and bullish momentum increasing, corresponding to a continued rise in the market.
The RSI indicator is in the overbought area with a two-line compound cross parallel corresponding to the price 98.5--98, indicating a market pullback or accelerated rise. The 4-hour double lines are about to enter the overbought area, corresponding to values 91.8--71, and the slow line on the double line is also about to enter the overbought area, which could correspond to a market pullback or potentially lead to an accelerated rise in the market.
Conclusion: High-level sideways oscillation
Resistance levels: 4670, 4770, 4853
Support below: 4570, 4510, 4410
Long entry point: Long position near 4510, additional buying point near 4450, stop loss below 4410 if it stabilizes below.
First take profit: 4640
Second Take Profit: 4760
Short position at around 4670, add position around 4800, stop loss if it stays above 4860.
First take profit: 4580
Second take profit: 4450