According to external sources, after the ETA rebounded in August, the mean line structure was approaching the formation of the Golden Fork. However, when this signal emerged, ETH had risen from about $1900 to about $2500, and the market was more concerned about the continuation of the boom than the single technology form itself.
From about $1,900 to $2,500.
The report mentions that the ETH station was followed by a short- and medium-term average and that the long-term trend line around $2150 was recovered. This position, which has been in the form of dynamic repression for months before, has resulted in significant improvements in the overall technical graphics.
The short-term mean line is now roughly in the range of US$ 1990 to 2015 and begins to turn up. According to the text, the current price of ETH is about 16 per cent higher in the area, indicating a faster rebound in the preceding period.
The fork is more like a confirmation signal.
The gold fork, which is usually a short-cycle mean line with a long-cycle mean line, is seen as an expression of a more recent kinetic energy than an overall trend. However, according to the article, such signals themselves are lagging, and when the form actually takes place, prices tend to have moved out of a significant increase.
The situation is similar this time. Before the gold fork was fully formed, ETH had risen by about $600 over the August consolidation area. Thus, forklifts are more likely to be seen by the market as a confirmation of trends than as a starting point for a new round of increases.
$2550 becomes short-line resistance.
The article also mentioned that ETH had tried to break the 2,500 to 2550 dollar range on several occasions, but had yet to show a clear and firm position. At the same time, the relatively strong and weak indicator RSI has risen to about 76, entering over-purchase areas, suggesting that it is becoming more difficult to keep the short line up.
If the follow-up can be effective in overcoming $2550, there will be an opportunity to look further at the $2,600, or even the $2700 area. If the movement weakens, the market will focus first on the $2,400 line; once it expands, the bottom support may fall between $2200 and $2150, close to the long-term average.
Overall, external sources believe that the gold fork enhances the medium-term technological prospects of the ITA, but cannot overcome the already high backlash pressure alone. Whether ETH can hold the recovered long-term trend line after a slowing of kinetic energy is more likely to indicate whether the round rebound is solid than the pattern itself.