I am Bai Yue. I just took a look at the market, and ETH is currently stuck around $3170, fluctuating up and down. Many people are asking for direction; don't worry, combined with a recent major announcement and the 4-hour chart, I will explain the nuances here.
Looking at the news: The Bank of Japan is about to make moves!
I just saw the news, American banks predict: The Bank of Japan is likely to raise interest rates to 0.75% in December, and then increase every six months. Many people think this is far from the cryptocurrency world, but it actually has a significant impact.
In simple terms, Japan raising interest rates may cause part of the global funds to flow back from high-risk assets to traditional markets, which is a slight bearish signal in the short term. However, conversely, if global funds tighten, more people may seek decentralized assets like cryptocurrencies for hedging, which could become a good thing in the long term. Therefore, news should be viewed from both sides; don't panic just because of interest rate hikes.
First, let’s look at the technicals: Keep a close eye on the key positions!
From the provided 4-hour chart, ETH is currently moving back and forth in the range of 3100-3200. Below 3100 is a strong support level, and above 3200 is a heavy resistance level. A good signal is that the yellow and white dual lines in the chart have formed a golden cross above the zero axis, indicating a short-term momentum to push upwards.
But where is the problem? The volume hasn't picked up! The market trading is not active, like a sports car with half a tank of gas, wanting to speed but not daring to go too fast. This indicates that most people are still watching, with both bulls and bears wrestling here, so don't easily get ahead before a result is reached.
Bai Yue's view:
We are currently in a tug-of-war phase where the technicals want to rise, but the news is holding it back. ETH stabilizing above 3100 indicates strong support below, and in the short term, it is highly likely to continue oscillating between 3100-3200 to gather strength. Once it breaks through 3200 with volume, the upward space will open up. However, if it falls below 3100, it may need to retest around 3065.
The market always has opportunities, the key is to operate calmly. Bai Yue will continue to keep an eye on the on-chain dynamics, and together we will move steadily forward! Follow Bai Yue and participate in every attack by the villagers of Bai Yue! Bai Yue will announce the specific entry time and real-time news in the village every day!
