Yesterday's review

Ethereum had a stair-step rise after falling from 4640 in the morning to around 4560 yesterday. The 24-hour capital inflow into Ethereum reached a scale of 40 billion at one point, leading to a state of high volatility near the peak, with constant upward breakthroughs, consolidations, and further breakthroughs in increments of 30 to 40 points. The current market sentiment is increasingly greedy, and there is less than a 100-point gap from the peak of the bull market in 2021. However, there is significant resistance above, and after breaking through the historical peak, the only pressure point left is the major level of 5000. With a high possibility of a 50 basis point rate cut in the U.S. this September, breaking through the historical peak seems to be a definite probability, but there are no absolutes in the financial market, so one must be cautious of a pullback before the peak.
Technical Analysis
Currently, the market seems to be in a correction phase after a rise. The moving averages are in a bullish arrangement, but the short-term moving averages show a tendency to turn downwards. There is a momentum shifting towards a bearish trend. If the current market does not drop below the MA30 price level around 4660, it will rise again. The MACD indicator's fast line and slow line have formed a death cross and are declining, but overall it is still in a bullish market above the 0 axis. The RSI indicator is currently in a normal trading stage, with the buy line crossing below the slow line to form a death cross, indicating that the market may decline. Additionally, the longer time frames such as 4-hour and 1-day are in an overbought area, suggesting that a wave of correction is likely to occur next.
Resistance Levels: 4800, 4877, 4900, 4960, 5000
Support levels below: 4660, 4620, 4560, 4500, 4430
Long strategy: Open a long position in the 4660--4640 range, add to the position at 4560, and set a stop loss if it drops below 4500.
First take profit: 4780
Second take profit: 4870
Prevent a large-scale pullback that breaks the historical high point.
High-altitude strategy: 4800 short positions, add positions at 4877, stop loss if it breaks 4900.
First take profit: 4710
Second take profit: 4640
Today, both bulls and bears will engage in fierce battles. The key question is whether the bears can hold the historical high as the last line of defense, or whether the bulls can break through this final barrier!