On the evening of October 2, 2024, the 4-hour price trend analysis report for Ethereum ($ETH ) is as follows:
K line shape analysis:
The market has been active recently and prices have fluctuated significantly. On October 1, the price quickly fell back from above $2,600 to nearly $2,400, showing a large downward trend. The current K-line is showing a volatile consolidation trend around $2,450. Although there are certain signs of rebound, it is encountering greater pressure above.
Interpretation of technical indicators:
1. MACD: The current MACD fast and slow lines are running below the zero axis, and DIF and DEA continue to show negative values, which indicates that the market is currently in a relatively weak state. Although there is a slight convergence trend, a clear golden cross signal has not yet been formed.
2. RSI: The value of RSI14 fluctuates around 30, which is close to the oversold range. This indicates that a technical rebound may occur in the short term, but the overall market sentiment is still weak, and attention needs to be paid to whether it can effectively break through the 50 level.
3. EMA: EMA7, EMA30 and EMA120 all show downward divergence, showing a market trend dominated by shorts. The current price is running below EMA7. If it cannot hold EMA7 (about $2,489) in the short term, it may continue to be bearish.
Volume observation:
1. The trading volume on October 1st increased significantly, reaching 4,639,427. Along with the sharp drop in price, it showed that the market was under great selling pressure.
2. Although the trading volume on October 2 has decreased, it still remains at a high level, indicating that market sentiment is still unstable and the long and short parties are still competing fiercely.
Suggestions for buying and selling points:
Buying strategy one: Buy near 2400 USDT, which is an integer mark close to the previous low and has strong support.
Buying strategy 2: Buy if the price further drops to the lower support level below 2350 USDT, and take into account the possible rebound caused by the oversold range of RSI. The long stop loss point is set to 2325 USDT. If it falls below this point, it indicates that the market continues to weaken and the loss should be stopped in time.
Selling strategy one: Sell near 2500 USDT, which is near EMA7. There is a certain pressure and it is also an integer mark.
Selling strategy 2: Sell when the price is close to 2550 USDT. This price is close to EMA30 and the previous high, and there is great selling pressure. The short-selling stop loss point is set to 2575 USDT. If the price breaks through this point, it indicates that the market may become stronger and the loss needs to be stopped in time.