Ethereum yesterday review

Yesterday during the day, Ethereum showed an overall decline, rebounding after hitting the lower Bollinger Band and stabilizing at the middle band, then rebounding again. In the evening, the market was influenced by the opening of the US stock market and the US non-farm payroll data. Ethereum attempted to rise to 4360 but quickly fell over 100 points to 4270, indicating strong bearish momentum in the market. According to the latest data from Coinglass, if Ethereum breaks through 4524 USD, the cumulative liquidation strength of short positions on mainstream CEXs will reach 2.58 billion USD; conversely, if it falls below 4110 USD, cumulative liquidation of long positions will reach 2.51 billion USD. However, after the non-farm data was revised to -910k yesterday, the continuous downward revision based on the report’s cutoff date shows that the actual employment growth over the past 16 months has decreased by -1.2 million. The market infers that this data can indeed "testify" to the rationality of implementing a 50 basis points rate hike at the FOMC meeting on September 17. Whether this can stimulate the market to create a bull market phenomenon still needs to be verified, as recent important news has significant impacts, and opening positions should be done cautiously.
From the 4-hour chart, it is currently rebounding after falling to the lower Bollinger Band line. If it stands firm at the middle line of 4306, the market may continue to rise; otherwise, it will continue to test downward. The Bollinger Bands are narrowing, and the middle line is slightly rising, corresponding to a price increase, with the three lines of the Bollinger Bands corresponding to prices of 4259--4306--4354. From the 4-hour chart, it can be seen that the bullish momentum is gradually increasing. If it breaks below the lower line, it may lead to an accelerated decline in the market.
The 4-hour chart shows a short-term MA indicator death cross trending downward, corresponding to a market decline. The hourly chart shows a short-term MA golden cross trending upward, followed by a smooth upward trend, with bullish momentum beginning to build. At this time, the market is operating above the short-term MA, corresponding to a market increase.
The MACD indicator on the hourly chart is below the 0 axis and in the golden cross upward phase, with bullish momentum starting to build, corresponding to a rising market. The 4-hour chart is in a composite cross parallel below the 0 axis, with bearish momentum beginning to weaken, corresponding to a consolidating market.
The RSI indicator is at the oversold stage with a bullish crossover rising from below, corresponding to the values of 21.5-20.8. The fast line has currently shown an upward turning trend, indicating a rebound in the market. However, if it continues to turn downward, it may cause panic in the market, leading to an accelerated decline.
Conclusion: Low-level sideways fluctuations
Pressure: 4340, 4390, 4490
Support: 4230, 4200, 4160
High-altitude strategy: establish a short position near 4390, add position at 4450, and set a stop loss if it breaks and stays above 4500.
First take profit: 4280
Second take profit: 4160
Long strategy: Establish a long position near 4260, add to position at 4120, stop loss if it falls and holds below 4100.
First take profit: 4360
Second take profit: 4450