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The price of Ethereum continued to rise during the Asian trading session on August 8. As of 9:15, the ETH price was $3913, just a step away from the $4000 mark. In the past 24 hours, ETH reached a high of $3935.88.
It is worth noting that liquidity in the Asian market is generally lower than during the European and American sessions, which may lead to false breakouts or narrow fluctuations in prices. The latest technical indicators show that ETH has broken through the previous high of $3865 and continues to rise, with the upper Bollinger Band expanding to $3957. The MACD indicator shows a golden cross and the histogram has turned positive, while the RSI indicator has fully exceeded 66, indicating overbought conditions but has not yet reached extreme levels.
Notably, the 24-hour trading volume surged to 24 billion USDT, which is 12 times the previous level, clearly indicating the entry of large institutional funds. However, if the Asian trading session cannot break through the resistance level of 3957 USD, a pullback may occur.
There are three typical risks in the Asian market: first, the fund flows of Bitcoin ETFs are usually dominated by the European and American markets, and the Asian market may lack enough momentum to follow; second, the phenomenon of 'short-selling among long positions' often occurs in the Japanese morning trading; finally, although the current RSI is in the overbought range, it has not yet peaked, and there is still technical correction space.
From a macro link perspective, the Nasdaq index in the US stock market rose by 0.58% overnight, which may have a lagging impact on the cryptocurrency market. In addition, if the US dollar index weakens from the level of 98.267, it will benefit risk assets.
Investors are advised to closely monitor two key price levels: whether a double top forms at the upper level of $3935, and whether the previous high of $3820 below can turn into support. If there is a volume reduction in the Asian session and a pullback to $3820 occurs, partial profit-taking may be considered; if a breakout above $3950 happens with increased volume, caution should be exercised regarding a possible pullback.
The current focus of the long and short power struggle is: the bulls rely on the overnight rise of the US stock market and the continuation of the technical breakout above the previous high of $3865; the bears pay attention to the overbought RSI and the pullback demand approaching the upper Bollinger Band of $3957.
For new opening strategies, bulls can lightly enter when the price pulls back near $3850 with decreasing trading volume, targeting $3935, and setting a stop loss at $3820. Bears can observe whether there are signs of stagnation in the $3935-$3957 area; if a long upper shadow appears along with decreasing trading volume, they can lightly short, setting a stop loss at $3970 and targeting $3850.
It is worth noting that after a significant overnight increase, there is often a technical correction in the Asian session. If the Asian session maintains a sideways movement between $3870 and $3920, it is recommended to keep funds on standby for high liquidity opportunities during the European and American trading sessions. Regardless of the strategy chosen, always remember to set reasonable stop-loss levels, as the current market is mainly driven by institutions, and retail investors can easily get washed out during fluctuations.