Matrixport: The upward momentum of Ethereum is weakening, and the subsequent market trend depends on the purchasing power of treasury companies and market narratives

ChainCatcher news, Matrixport has released the latest report on social media indicating that the current market focus continues to gather around Ethereum and companies with the concept of Ethereum treasury.

The upward trend of Ethereum has not broken, and it has gained support at the moving average, with the buy-the-dip strategy in mid-August showing significant results. Analyst Markus Thielen stated, however, that the upward momentum of Ethereum is weakening, and it is expected that Ethereum will fluctuate in the range of $4,355 to $4,958, with a high likelihood of testing the $4,355 support again.

The subsequent trend largely depends on the fundraising ability of companies with the Ethereum treasury concept and the market narrative they convey. This remains the core main line of the crypto market—respecting technical analysis may become the dividing line between profit and loss.