In the early trading on Tuesday, Ethereum maintained its consolidation since Monday and is currently quoted at $3,490. The total computing power of Ethereum is 702.61TH/s. The current holding addresses are 64,803,457, an increase of 108,699 compared to the same period last year. The transaction volume on the 24h chain is 1,315,403 ETH, and the burn volume is 508,100 ETH. The burn volume yesterday was 8680.76 ETH, or a day-to-day increase of 28.61%. The total lock-up volume of the Ethereum L2 network is US$3.2 billion.
From a technical perspective, Ethereum daily candle is closed doji with a long upper shadow, indicating that the market lose direction. H4 graph shows that Ethereum fluctuates on high positions short term, the indicator is relatively neutral. Bitcoin's short-term accumulation effect continues. The probability of an upward breakthrough in Ethereum’s later market increases. Overall prioritise Buy on Low within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 3440.
Resistance：3550-3600-3650
Support：3440-3370-3270
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