Yesterday's review

Ethereum climbed in a stepwise manner after dropping from 4640 in the morning to around 4560 yesterday. The inflow of funds into Ethereum reached 40 billion at one point in the past 24 hours, resulting in the market remaining in a high-level consolidation state, with continuous upward breakthroughs and consolidations in increments of 30 to 40 points. Currently, the market's greed sentiment is rising continuously, with less than 100 points remaining to the peak of the bull market in 2021. However, there is significant pressure above, and after breaking the historical high, the only pressure point left ahead is the major level of 5000. With a high possibility of the U.S. cutting interest rates by 50 basis points in September, it seems almost certain that the historical high will be broken. However, there are no absolutes in the financial market, so caution is required against a potential pullback before reaching the peak.
Technical analysis
Currently, the market seems to be in a correction phase after a rise. The moving averages are currently in a bullish arrangement, but the short-term moving averages have shown a tendency to turn downwards, indicating a momentum shift towards a bearish trend. If the current market does not break below the MA30 price of around 4660, it may rise again. The MACD indicator shows a death cross between the fast line and the slow line, suggesting a downward trend, but overall it is still in a bullish market above the 0 axis. The RSI indicator is currently in a normal trading phase, with the buy line crossing below the slow line, indicating a potential decline. Additionally, the longer time frames of 4 hours and 1 day are in the overbought region, suggesting that a downward correction may occur next.
Resistance levels: 4800, 4877, 4900, 4960, 5000
Support levels: 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 through the historical high points.
High altitude strategy: 4800 short positions, supplement at 4877, stop loss if it breaks 4900.
First take profit: 4710
Second take profit: 4640
Today, the market will witness intense battles between the bulls and bears. The key question is whether the bears can hold the historical high point as the last line of defense, and whether the bulls can break through this final barrier!