August 23 Market Daily Report

1. Ethereum: Refreshing Historical Highs

(1) Price Performance

- Yesterday it fluctuated in the $4200 range, today it rose to a maximum of $4887, setting a new historical high.
- Market capitalization of approximately 500 billion USD, with a rise of 20% in just a few hours.

(2) Driving Factors

Federal Reserve Chairman Powell released dovish signals in his speech at Jackson Hole, with the market expecting a more than 90% probability of a 25 basis point rate cut next month, becoming a direct driver of the price surge.

(3) Market Analysis

- The characteristics of the main force controlling the market are significant, and the selling pressure before 4800 points has basically been digested.
- The ETH/BTC exchange rate has doubled from the relative bottom, and large-scale selling conditions are not yet met.

(4) Subsequent Judgment

- Although it has not yet truly broken through the 4800-point resistance level (which is both the historical high and the level at which last week's breakout failed), there is a possibility of a pullback and consolidation.
- However, the main players have a strong say in the price, and the probability of a subsequent breakthrough is high.