Ethereum Market Analysis as of 8.22

From a one-hour perspective, Ethereum’s intraday surge to 4340 formed a double top and has since retreated. It has now broken the middle track, and the 30-week moving average has not yet formed a golden cross. Short-term resistance can be focused on 4270, approaching which presents short-selling opportunities. Support levels should pay attention to the naked K shape, with the M bottom at 4120. The attached MACD shows a death cross with a significant volume increase. Technically, KDJ has ample room to decline. Overall, the bearish trend for Ethereum is strong, and Old Zhang recommends following the trend.

Trading suggestion: Short in batches at 4270-4300

Targets: 4220-4170-4120

Risk control: 4320