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ETH: low level consolidation

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

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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