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August 23 Market Daily Report
1. Ethereum: Refreshing Historical Highs
(1) Price Performance
- Yesterday it fluctuated in the $4200 range, today it rose to a maximum of $4887, setting a new historical high.
- Market capitalization of approximately 500 billion USD, with a rise of 20% in just a few hours.
(2) Driving Factors
Federal Reserve Chairman Powell released dovish signals in his speech at Jackson Hole, with the market expecting a more than 90% probability of a 25 basis point rate cut next month, becoming a direct driver of the price surge.
(3) Market Analysis
- The characteristics of the main force controlling the market are significant, and the selling pressure before 4800 points has basically been digested.
- The ETH/BTC exchange rate has doubled from the relative bottom, and large-scale selling conditions are not yet met.
(4) Subsequent Judgment
- Although it has not yet truly broken through the 4800-point resistance level (which is both the historical high and the level at which last week's breakout failed), there is a possibility of a pullback and consolidation.
- However, the main players have a strong say in the price, and the probability of a subsequent breakthrough is high.
1. Ethereum: New All-Time High
(1) Price Performance
- Yesterday fluctuated in the $4200 range, today peaked at $4887, setting a new all-time high.
- Market capitalization around $500 billion, with a 20% increase in just a few hours.
(2) Driving Factors
Fed Chairman Powell signaled a dovish stance in his Jackson Hole speech, with market expectations of a 90% probability of a 25 basis point rate cut next month, becoming the direct catalyst for the big pump in prices.
(3) Market Analysis
- The characteristics of market makers controlling the market trend are evident, and the selling pressure before 4800 points has been largely digested.
- The ETH/BTC exchange rate has doubled from a relatively low point, and large-scale dumping conditions are not yet met.
(4) Subsequent Judgments
- Although it has not yet truly broken through the 4800 points resistance level (which is both a historical high and the level where last week's breakout failed), there is a possibility of a pullback and whipsaw.
- However, market makers have strong influence over the price, and the probability of a subsequent breakout is high.