Ethereum dey test $4,700 resistance for PPI wahala
Ethereum don reach im four-year ceiling for di $4,700 resistance area. Analyst Kevin (@Kev_Capital_TA) talk say una need see clean weekly close pass $4,700 plus break di down-trending weekly RSI line to start new bull phase. If dem no fit clear dis barrier, e fit make di pattern for weak rallies still continue plus e fit cause another correction. Di sudden rise for US Producer Price Index wey get month-on-month PPI at +0.9% vs +0.2% wey dem expect na im make di market flip quick. Market people dey eye Fed Chair Powell talk wey go happen for Jackson Hole next week as next big catalyst. Kevin advise traders to wait make price and RSI breakout confirm before dem jump, e talk say only then Ethereum plus other altcoins go enter real bull cycle. Ethereum dey trade around $4,619 as e dey press time.
Neutral
We dey classify dis news as neutral because Ethereum big resistance test for $4,700 never settle yet. Even though if e break for better and weekly RSI reversal happen, e go mean bullish, the recent PPI-driven reversal show say macro uncertainty still dey. Past similar test for critical resistance level dey show say false breakouts dey happen before trends confirm. Short-term wahala fit continue as traders dey wait Fed Chair Powell talk for Jackson Hole. Long term, if e break confirmed pass $4,700, e fit spark one strong altcoin rally but if e fail, e mean say another correction fit happen. This balanced outcomes dey support neutral stance on market direction until clear solution show.