On Wednesday, Ethereum reached a record high of US$4866.18 and then dropped down. This is due to a large-scale profit taking at high position. The total computing power of Ethereum is 776.44TH/s, the transaction volume is 1,674,324 ETH, and the total value of burned ETH exceeds 4 billion U.S. dollars. Report: Ethereum transaction volume surpassed Bitcoin for the second quarter in a row.
From a technical perspective, Ethereum's daily candle close bearish and break through the MA5 and MA10, the markets indicators show bearish sign in the short-term. On H4 graph, Ethereum break through the key resistance and fall below 4680. Ethereum break through the middle BOLL band, and the indicators were bearish across the board. Overall, prioritise SELL within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point is near 4670.
Resistance：4680-4760-4840
Support：4550-4470-4370
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