ETH market analysis

Since the 23rd, the ETH price has been fluctuating in the range of 1700 - 1880. During this period, a larger ascending channel and a short-term descending channel have formed. From the 4-hour chart, the recent oscillation rhythm has slowed down, presenting a sideways trend, with intensified short-term battles between bulls and bears.

Support level:

- Support 1: 1800, which is the middle track of the descending channel.

- Support 2: 1760, where the lower boundary of the ascending and descending channel coincides.

- Support 3: 1740, which coincides with the previous pullback low and the MA120 moving average.

- Support 4: 1680, which combines the previous rebound high point, the starting point for accelerated upward breakout, and the MA200 bull-bear line.

Support at 2 - 4 points resonates, and multiple supports below are beneficial for long positions. However, the intervals between each support level vary, and investors need to distinguish between short-term and swing trading strategies.