Eth: bullish up

Fundamental analysis:

Ethereum maintains a shock around 1660. According to the latest report of glassnode, a blockchain analysis company, the exchange continues to experience a macro decline in its supply. This trend has been developing since the surrender in March 2020. So far, with the decline of prices, the outflow of funds from the exchange has continued and the intensity has generally increased, highlighting the continuous structural demand for sovereign self managed assets from retail investors and large investors.

Ethereum ethusd - 4-hour K-line diagram shows:

Technical analysis:

According to the 4-hour chart, the power of low-level bulls kept moving up slowly, and short-term bulls began to pour in. The MACD index was in the short area, and the low-level remained slowly rising. The RSI index was in the weak position near the 50 equilibrium line;

Long and short turning point: 1645

Pressing position: 1695, 1724

Support position: 1614, 1580

Trading strategy: 1645 bullish, targets 1695 and 1724

Alternative strategy: 1645 lower bearish, target 1614, 1580