Ethereum Hash Rate Hits All-Time High

Fundamental analysis:

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Ethereum remained volatile around 2793. Due to the intensified risk aversion in the global financial market, the cryptocurrency market generally faced another wave of selling pressure. Ethereum’s mining capacity soared again and hit a record high. Since the Chinese government decided to launch a crackdown on the mining industry in the summer of 2021, the average hash rate of Ethereum has continued to rise, which has led to a rapid decline in the hash rate of all cryptocurrencies running on the PoW protocol.

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Ethereum ETH/USDT - 4-hour candlestick chart shows:

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Technical comments: The high-level bearish momentum continued to fluctuate and fell, and continued to move downward near the lower track of the Bollinger Bands indicator. After reaching the 2747 position in the short term, it continued to decline. The Bollinger Bands indicator showed a closing trend and began to gradually open its mouth to expand. It will continue, the MACD indicator is in the bearish area below the 0 axis and continues to oscillate downward, and the RSI indicator is in continuous downward movement below the 50 equilibrium line;

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Long-short turning point: 2833

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Suppression position: 2901, 2972

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Support: 2717, 2652

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Trading strategy: bearish below 2833, target 2717, 2652

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Alternative strategy: bullish above 2833, target 2901, 2972

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The above analysis is a personal opinion and is for reference only.