January 18th, Will Ethereum Reach a New High Again? Let's Take a Look at This Market Rally

Ethereum hasn't been resting this week. After bouncing off the bottom, it pushed through several key resistance levels, almost reaching the previous high at its peak. Although there were a few pullbacks in between, the declines were not strong, and it rebounded quickly after falling, clearly indicating bullish support. Currently, the price is fluctuating between 3300 and 3400, seemingly gathering strength for the next surge.

From the candlestick chart, the signals remain quite positive. The Bollinger Bands on the daily chart have already widened, with the upper and lower bands expanding, providing ample room for price growth. On the 4-hour chart, the moving averages are arranged in layers ascending upwards, forming a relatively stable ladder of support. Although short-term MACD and KDJ indicators show some signs of fatigue, they haven't changed the overall trend and may even be shaking off some short-term holders during consolidation.

The key point now is whether it can break through 3400. If the trading volume increases along with a breakout, it could head straight for 3550 or even higher. The support zone below is around 3250-3295, where multiple moving averages are densely intertwined. Holding this area would open up room for a rebound. If it breaks below this zone, it may face a phase of correction.

Trading suggestion: Gradually build long positions around 3295 and 3250, with the first target at 3400. If it breaks through, continue chasing towards 3550.