ETH Slides Below $3.5K But Bullish Presence Remains Strong (Ethereum Price Analysis)

Ethereums price has undergone an extensive phase of sideways consolidation subsequent to a decline toward the critical support level of $3K.

以太坊的价格在跌至 3000 美元的关键支撑位之后，经历了一段较长的横盘整理阶段。

Despite this, the cryptocurrency seems confined within a range between $3K and $3.7K, and its unlikely that volatility will pick up unless it manages to break out in either direction.

尽管如此，加密货币似乎被限制在 3,000 美元至 3,700 美元之间的范围内，并且除非它能够在任何一个方向突破，否则波动性不太可能加剧。

Technical Analysis

技术分析

By Shayan

作者：shayan

The Daily Chart

每日图表

A comprehensive analysis of the daily chart reveals Ethereum‘s prolonged sideways consolidation after finding substantial support around the $3K threshold. This zone aligns with significant Fibonacci retracement levels ranging between 0.5 ($3190) and 0.618 ($2972) alongside the pivotal 100-day moving average at $2972. This confluence of support levels spurred a rebound in ETH’s price, pushing it towards the upper boundary of the range at $3.7K.

对日线图的全面分析显示，在 3,000 美元的门槛附近找到实质性支撑后，以太坊长期横盘整理。该区域与重要的斐波那契回撤水平一致，范围在 0.5 美元（3,190 美元）和 0.618 美元（2,972 美元）之间，以及关键的 100 日移动平均线 2,972 美元。这些支撑位的汇合刺激了 eth 价格的反弹，将其推向 3.7 万美元的区间上限。

However, recent price action has encountered resistance near the upper boundary of the range, suggesting the presence of sellers at this critical juncture.

然而，近期价格走势在区间上限附近遇到阻力，表明在这一关键时刻有卖家存在。

Nevertheless, Ethereum remains in a phase of sideways consolidation, with market participants anticipating a bullish revival aimed at breaking above this crucial price range.

尽管如此，以太坊仍处于横盘整理阶段，市场参与者预计看涨复苏将突破这一关键价格区间。

The 4-Hour Chart

4 小时图

A closer examination of the 4-hour chart reveals the formation of a sideways wedge pattern during a period of corrective retracements. Typically, such patterns indicate a potential continuation of the bullish trend upon breakout from the upper boundary.

仔细观察 4 小时图，可以发现在修正回撤期间形成了横向楔形形态。通常，此类形态表明突破上限后，看涨趋势可能会延续。

Despite this, Ethereum experienced significant buying pressure in the vicinity of the noteworthy $3K support region, resulting in a renewed bullish momentum that breached the upper boundary of the wedge.

尽管如此，以太坊在值得注意的 3000 美元支撑区域附近经历了巨大的购买压力，导致新的看涨势头突破了楔形的上边界。

This price action underscores the dominance of buyers in the market. However, upon reaching the resistance level of $3.7K, Ethereum faced rejection, triggering a slight retracement.

这一价格走势凸显了买方在市场上的主导地位。然而，在达到 3.7 万美元的阻力位后，以太坊遭遇了阻力，引发了小幅回撤。

Currently, following this retracement, the price has returned to the broken level of the wedge, potentially completing a pullback. Should this pullback prove successful, Ethereums price is poised for another upswing, targeting the $3.7K threshold. Conversely, the possibility of a bearish retracement, with the next support level at $3.2K, cannot be ruled out.

目前，在这次回撤之后，价格已回到楔形突破水平，可能完成回调。如果这次回调成功，以太坊的价格将再次上涨，目标是 3.7 万美元的门槛。相反，不能排除看跌回撤的可能性，下一个支撑位在 3.2 万美元。

On-chain Analysis

链上分析

By Shayan

While Ethereums price has been showing signs of rebound, it would be beneficial to determine whether this is a result of spot buying pressure or leveraged futures positions.

虽然以太坊的价格已经显示出反弹的迹象，但确定这是现货购买压力还是杠杆期货头寸的结果将会很有帮助。

The following chart demonstrates the exchange reserve metric, which measures the amount of ETH held on exchange wallets.

下图展示了交易所储备指标，它衡量了交易所钱包中持有的 eth 数量。

It is evident that after a sharp increase above the 30-day moving average a few weeks ago, the exchange reserve metric has fallen below the MA once again. This indicates that investors have been withdrawing ETH from exchanges, which is a sign of spot buying pressure. Therefore, the spot market demand is playing a major role in a potential rally higher, which could result in a more sustainable uptrend.

显然，在几周前大幅上涨至 30 天移动平均线上方后，交易所储备指标再次跌破该移动平均线。这表明投资者一直在从交易所撤出 eth，这是现货购买压力的迹象。因此，现货市场需求在潜在的上涨中发挥着重要作用，这可能导致更可持续的上涨趋势。