Academician of the Cryptocurrency Circle: On August 26, Ethereum (ETH) bullish momentum is fully released, beware of a deep pullback for Ethereum? Latest market analysis reference

Ethereum's current price is 2480, this wave of increase directly breaks the previous long-term consolidation pattern. Many friends feel conflicted after missing the opportunity, worrying that chasing high will mean buying at the peak, and not chasing they fear missing out on a big market. The market is always like this; when it rises, greed and fear pull at people's mindset simultaneously. Many people rush in when they see a big bullish candle, only to be caught when there’s a pullback. Those who can hold onto profits are always those who have a good plan.

The daily candlestick has broken through the Fibonacci 78.6% level of 2242.77, opening up upward space. The price has risen above all EMA moving averages, with the medium and long-term moving averages all turning upwards, confirming a bullish trend. The Bollinger Bands are opening upwards, the candlesticks are running near the upper band, and the MACD indicator maintains an expansion of high red bars, showing sufficient bullish momentum. However, after consecutive big bullish candles, a lot of profit-taking has accumulated on the market, creating a demand for a short-term pullback to digest these profits. The first resistance above looks towards 2823, while the key support below is at 2242. As long as this support is not broken on the daily chart, the large-scale bullish structure will not be easily compromised, so beware of a high-to-low washout trend.

The four-hour candlestick has begun to show signals of a small-level pullback. The price is still operating within the upper Bollinger Band, with the short-term EMA moving averages in a good bullish arrangement, but the MACD has shown signs of a top divergence, with the red bars continuously shrinking and the bearish green bars starting to appear, indicating that short-term bullish momentum has begun to fade. The Fibonacci 100% level of 2463.86 has been tested repeatedly and has turned from support to a battleground for bulls and bears. There is a need for a short-cycle pullback, with a key focus on the moving average support at the 2258 level. If this position holds, there will still be a chance for a second upward surge after a pullback; once it effectively breaks down, this round of short-term upward movement will enter deep adjustment.

Short-term reference:

If it does not break below 2460 to 2420, go long, with a stop loss of 40 points, targeting 2550 to 2600.

If it does not break above 2550 to 2600, go short, with a stop loss of 40 points, targeting 2500 to 2450.

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