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- 🚗 #GateSquareCommunityChallenge# Round 1 — Who Will Be The First To The Moon?
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Analyst: Ethereum is bearish in the short term, and if it breaks the resistance level of 4600 USD, it may aim for 5000 USD.
BlockBeats news, on August 31, crypto analyst @alicharts stated that if the Ether 4-hour Closing Price rises above $4,500, it will mark a breakthrough of the recent high downward trend line, suggesting that long positions momentum may be recovering. The next key resistance level is at $4,600, and if Ether can decisively break through this level, it may open a path to return to $5,000. However, Ether is currently trading in the middle of the channel, following the downward trend line. The SuperTrend indicator is still in a sell signal. Unless Ether can regain $4,500 and turn it into a support level, the outlook remains bearish in the short term.