Ethereum once again hit a new high, can the 288 mark be held?
Yitian丨Ethereum hits a new high again, can the 288 mark be held?
Recently, the market of Ethereum has been going all the way, hitting new highs repeatedly; during the period when Bitcoin bulls were exhausted and the high level was consolidating, Ethereum rose against the trend and reached this year’s high at around 288 at 5 o’clock this morning; Ethereum is currently under pressure It fell back and consolidated around the 280 line!
Why does Ethereum keep hitting new highs? Let's take a look at the market news:
1. Public data shows that the 24H liquidation amount of the BTC contract: ￥164 million, and the 24H liquidation amount of the ETH contract: ￥513 million;
2. According to Crunchbase reports, digital asset investment company Cambrian Asset Management (Cambrian for short) has received US$4.2 million oversubscription (the initial target is US$3 million) in seed round equity financing to develop and run its quantitative funds; Cambrian’s financial products are mainly For qualified investors and family financial institutions who are interested in investing in liquid digital assets (such as BTC and ETH, etc.).
Can Ethereum hold the 288 mark again? Let's take a look at the technical analysis:
Let’s take a look at the daily chart first: From the chart, we can clearly see that the recent daily line of Ethereum has received Duolian Yang, and the bullish trend is very clear; the BOLL channel has opened upwards, and each moving average system follows the BOLL middle track upwards Running, gradually forming the lower support level of the Ethereum market; this morning, after a wave of Ethereum’s upward attack touched the upper pressure line of 288, it began to fall under pressure, and is currently consolidating around the 280 line; the lower energy indicator MACD fast and slow line golden cross is upward It is running, and the energy of the bulls is fully released; it can be seen from the indicator Fibonacci retracement line indicator in the figure that the upper pressure level is at the 288 line; from the historical market, we can see that Ethereum wants to continue to hit new highs in the short term, It is unlikely, but the box vibration between the upper and middle rails of the BOLL channel will become the mainstream!
Looking at the 4-hour chart, the current BOLL channel opens upwards, and the moving average system rises upwards along with the BOLL middle track. At present, the Ethereum market is hovering at the yellow MA5 moving average, and the lower level of support is near the blue MA10 moving average line 276. The secondary support is near the 264 line of the middle rail of BOLL; the MACD fast and slow line of the lower energy indicator is above the zero axis and the golden cross is running upwards, but the energy of the bulls has begun to decrease step by step; comprehensive analysis, Yitian (aphz8705) believes that the Ethereum market will Continue to make callbacks during the period, and focus on the BOLL mid-rail support below!
Pressure level above Ethereum: 285, 288
Support below Ethereum: 280, 275, 264
