Ethereum yesterday review

Yesterday, the Ethereum in Lingcheng quickly rebounded after touching the daily midline at 4060, skyrocketing to a maximum of 4300 by midnight. Following the previous day's cliff-like drop of 300 points, it surged again by 300 points yesterday, making it an incredibly thrilling high-altitude bungee jump. From yesterday's news perspective, there were no obvious positive or negative stimuli; it can be seen as a completion of a wave of alternation between old and new major capital. The Federal Reserve's meeting minutes released in the early morning regarding interest rate cuts did not shock the market but instead acted as fuel for the momentum, indicating that the current market trend has risen due to a massive squeeze of short positions.
Technical Analysis
From the 4-hour and 1-hour charts, the current market is in a high-level sideways consolidation after an uptrend. The 4-hour Bollinger Bands are about to tighten, and trading volume is gradually decreasing, indicating that the market will enter a consolidation phase. The MA30 of the MA moving average is currently providing support; if the current market stabilizes above the MA30 price of 4330, it will continue to rise. The MA5 and MA10 below are also forming support, but if it breaks down below the MA10 price of 4220, it will trigger further downward trends. The MACD indicator has formed a golden cross below the 0 axis, indicating an upward movement, but it is still in a bearish market below the 0 axis. The RSI indicator is currently in the overbought area, with the two lines approaching parallel; a pullback is expected after the consolidation.
The current market is in a warm state after a surge yesterday, but due to a large backlog of short positions above, it is difficult to push higher. Additionally, tomorrow's speech by the Federal Reserve Chairman will be crucial, so today will mainly see slight fluctuations.
Resistance levels: 4381, 4448, 4523, 4575
Support levels: 4280, 4220, 4150, 4090
High-altitude strategy: A position can be established near 4370, with additional purchases around 4450, and a stop loss at 4500.
First take profit: 4280
Second take profit: 4220
Long strategy: You can establish a primary position near 4220, add to the position at 4150, and set a stop loss at 4100.
First Take Profit: 4320
Second take profit: 4380
The closer we get to events that may trigger significant market volatility, the more we need to pay attention to position management. If there are no good entry opportunities, it is better to stay in cash than to open positions recklessly. The calm before the storm is not as quiet as it seems!