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Recently, the price trend of Ethereum (ETH) has shown a fluctuating upward trend. From the daily chart, ETH has been oscillating within the range of $4000 to $4300. After breaking through the $4000 mark on August 9, it continued its upward momentum. However, the current price is close to the previous high, facing certain pressure.
From the 4-hour time frame, the appearance of multiple long upper shadows indicates that selling pressure is increasing. The latest quote is around $4276, near a key resistance level. In terms of technical indicators, the MACD histogram is gradually narrowing, and the DIF and DEA lines are showing a convergence trend, which may suggest that the upward momentum is weakening. Although the RSI indicator has moved out of the overbought area, it is still at a relatively high level, indicating that bullish strength has diminished.
The moving average system shows that the ETH price is currently above the 7-day moving average, but the distance from the 30-day and 120-day moving averages is quite large. This phenomenon indicates that the short-term trend is still leaning towards bullish, but the possibility of a pullback to the vicinity of the 7-day moving average cannot be ruled out.
The volume analysis shows that after a surge in trading volume on August 9, the trading activity has gradually decreased. Especially in the 4-hour cycle, the recent K-line trading volume has significantly shrunk, reflecting a decline in market participation enthusiasm and a weakening of capital inflow intensity.
Considering various factors, ETH may fluctuate around the current price level in the short term. Investors need to closely monitor the resistance near $4300 and be cautious of potential pullback risks. However, from a medium to long-term perspective, the fundamentals of Ethereum remain solid, and any significant pullback could provide a good entry opportunity for long-term investors.
It is worth noting that the cryptocurrency market is highly volatile, and investors should carefully assess the risks before making any decisions, taking into account their own investment goals and risk tolerance.