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#ETH 7.28 Ether midday analysis
Ethereum has risen for five consecutive weeks on the weekly chart, with prices operating along the upper Bollinger Band. After a brief pullback in the middle of the week, the daily chart continues to strengthen, showing a strong overall trend. However, the bullish momentum of the MACD is weakening, and both the KDJ and RSI indicators have entered the overbought zone, necessitating caution against pullback risks. It is recommended to wait for a retracement to buy low or to sell short on highs with light positions. From a short-term perspective, both the hourly and 4-hour charts are under pressure near the upper band. The primary focus for the day is the 3800 support level, with potential buying opportunities at the key levels of 3750 and 3650. If considering a short strategy, one can gradually enter near 4050 and 4150, with an initial target looking towards 3800 (partial reduction of positions), and further down towards the support levels of 3750 and 3650.