Market analysis for tonight: #ETH

This afternoon, Bitcoin showed a clear upward momentum. Starting from around $110,800, the price gradually broke through the previous consolidation range, reaching a peak of around $112,200.

From the hourly Bollinger Bands perspective, the current pattern shows an expanding 'trumpet' shape. The upper band is continuously diverging upwards, while the lower band is running steadily. This pattern usually indicates an imbalance in market forces.

After Bitcoin effectively broke through the upper resistance, there was no rapid pullback; instead, it formed a 'following upward' trend relying on the upper track. This not only confirms the strength of the upward momentum but also opens up space for short-term upward movement. However, it is worth noting that the trading volume at the hourly level has not increased synchronously, which may lead to a depletion of short-term momentum.

Based on this, we can focus on the following key price levels:

In terms of Bitcoin, you can pay attention to the $112,800 and $113,500 regions, with support below at $111,400 to $109,600.

For Ethereum, pay attention to the $4380 and $4460 areas, with support below at $4280 to $4220.

It is worth mentioning that other cryptocurrencies, including SOL, BNB, and XRP, are also showing signs of recovery, and the overall altcoin market seems to be following in Bitcoin's footsteps.

Investors should closely monitor changes in market trading volume, as well as any potential short-term adjustments, while keeping an eye on these price levels.