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ETH: low level consolidation

2023-09-08

480

ETHUSD

Fundamental analysis:

Ethereum continues to fluctuate around 1623. The Ethereum staking protocol SwellNetwork announced the integration of the cross-chain interoperability protocol LayerZero. This integration will support swETH to cross-chain and transform into a full-chain homogeneous token (OFT). Users can now trade on Arbitrum. swETH and providing liquidity will also support other Layer 2 protocols in succession.

Ethereum ETHUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: The low level remains consolidated in the short term, and the bullish momentum in the market shows signs of waiting for opportunities to enter the market. The MACD indicator is weakly consolidated below the 0 axis, and the RSI indicator is hovering weakly near the 50 equilibrium line;

Resistance: 1648 1662

Support level: 1616 1603

Trading strategy: Bullish above 1629, target 1648 1662

Alternative strategy: bearish below 1629, target 1616 1603

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ETH: low level consolidation

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