CPI released positive news, CME Fed watch shows that the probability of a 25 basis point rate cut in September has risen to 91.8%. The US stock market's Nasdaq has reached a new high, breaking through the declines of July 31 and August 1. The S&P 500 is about to reach a new high, so considering the rebound in the US stock market, the crypto market has not completely turned bearish. After a short-term pullback, there is still an opportunity to continue rising. Yesterday, Bitcoin tested the previous high again, and the 4-hour Bollinger middle band provided support for the rebound, with resistance still at 121,000. Ethereum experienced a consolidation on the 4-hour level yesterday, breaking through to a high of 4480.

Bitcoin

Bitcoin rebounded to a high of 122,450 yesterday, only about 1,000 points away from the previous high before experiencing a pullback. Currently, it is supported by the 4-hour Bollinger middle band, with key resistance at 121,000. The probability of a one-time breakthrough is low; according to normal market behavior, it is very common to attempt a breakthrough two to three times.

Looking at the daily MACD crossing the zero line, there hasn't been much volume, and the price is under pressure at the Bollinger lower band. We still need to watch the breakthrough situation at 121,000. If it cannot break through, it will likely retest the daily Bollinger band for a rebound attempt.

Support: 116,000 to 118,000

Resistance: 121,000 to 123,300

Ethereum

Ethereum is currently climbing along the Bollinger band on the daily chart and has not deviated from or reclaimed the lower Bollinger band. It will still push upwards, but as mentioned before, there is some pressure between 4,500 and 4,800, so minor pullbacks should be monitored.

The weekly converging triangle has broken out, making the first target the previous bull market high of 4,868, with a higher target currently at 6,700. We will take it step by step to see steady progress. In the historical price movements of Ethereum over the past one to two years, each wave of upward stretch has been around 80%. If Bitcoin can reach a new high in a short period, the growth potential remains optimistic.

Support: 4,100 to 4,330

Resistance: 4,868 to 6,700

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The article is time-sensitive and for reference only, updated in real-time.

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