Analyst: Ethereum Short-term Bearish, Potential for a Breakthrough of $4,600 Resistance Level and a Run at $5,000

BlockBeats News, August 31st, Crypto analyst @ali_charts stated that if Ethereum's 4-hour closing price surpasses $4,500, it will mark a breakout of the recent high downward trend line, implying that bullish momentum may be rebounding. The next key resistance level is at $4,600. If Ethereum can decisively break through this level, it may pave the way to retest $5,000.

However, currently Ethereum is still trading in the middle of the channel, following the downward trend line. The SuperTrend indicator is still in a sell signal. Unless Ethereum can reclaim $4,500 and turn it into a support level, it remains bearish in the short term.