Can Ethereum still rise?

Let's analyze the market!!!

First, Ethereum started to build a bottom around the previous low of 2350

Then it consolidated for nearly 2 months, while Bitcoin rose above 70,000

Ethereum is still hovering below 2700

Later, the exchange rate of Ethereum against Bitcoin rebounded from the bottom, driving Ethereum to catch up

During the previous period, we continuously held a negative outlook on Ethereum

This is due to the inherent factors from the market

On one hand, the Ethereum Foundation is selling off

On the other hand, the founder is busy with personal matters

This is what people refer to as inaction

But ultimately, this round of Solana has created miracles, mainly because the gas fees on the Solana chain are cheap, which has also created some myths

After Ethereum consolidated around 3000, it began to accelerate its catch-up

This is also when the exchange rate of Ethereum against Bitcoin is rising, and some large investors and whales have started accumulating Ethereum, which we can understand as Bitcoin's profit-taking leading some to enter Ethereum

Furthermore, this rise in Ethereum has also driven the Layer 2, staking sector, and even many old coins, such as AVAX and DOT

However, there is also a saying in the market that Ethereum is like the last round, starting to catch up rapidly at the end of the bull market

If it is the end of the bull market, then the upcoming upgrades, including the post-New Year period when the new administration takes over, will all be beneficial for crypto

This means that this bull market is not yet over

We just need to avoid a certain risk of profit-taking exits that I mentioned in my previous article

Also, for those already holding profitable assets, it's time to exit a portion!

Regarding Ethereum for today

We look at the upper level of 4000; from the low trading volume of the bi-weekly market, we can see that Ethereum has repeatedly tested near 4000, and even the daily line has formed a hammer pattern for two consecutive days, indicating that every dip has buying orders entering

People still remain optimistic about Ethereum

However, if the daily line cannot hold 4000 firmly in the morning, then the first support level downwards will be around 3880

The second strong support would come to 3830 (of course, this is based on Ethereum accelerating on the daily line)

If Ethereum continues to accelerate downwards today, then for the headlong position of Ethereum this week

We still consider setting some ambush orders below 3800

If trades can be executed around 3830-3850, one can participate partially

For the future of Ethereum, I still have a certain faith

I lean towards a low-buy strategy