On Wednesday Asian market, Ethereum continued to rise, breaking through the US$3,800 mark, and now trading at around US$3,750 with an intraday increase of reached 3.5%. The total hashrate of the Ethereum network is 620.14TH/s. The current holdings have increased by 115,915, and the number of ETH burned by the Ethereum network has reached 164816 unit, with a total value of approximately 626 million USD. In the early hours of this morning, the Ethereum Gas fee once soared to 4403Gwei. The rise in the price of ETH has pushed the total lock-up volume of DeFi back to above US$120 billion. The ETH locked in Ethereum L2 is nearly $1 billion.
From a technical point of view, Ethereum’s daily candle closed bullish, showing a strong upward trend, and the indicators are bullish across the board. H4 graph shows that Ethereum managed to break through the previous fluctuation zone. The moving average and MACD forms Golden Cross and continue to strengthen. Overall prioritize buying at low prices on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 3680.
Resistance：3790-3840-4000
Support：3680-3580-3500
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