Crypto Circle Liying: On 11.24, Ethereum remains bullish, between surges and drops! Capital inflow accelerates! Can the bulls withstand the selling pressure? Latest market analysis
Article published on 2024.11.24----01:40
Current price of Ethereum is 3430. Ethereum has been liquidated again; positions opened at 2400 yesterday were liquidated, and today positions opened at 2400 for short were again liquidated for several hundred million dollars. This market is like this, filled with fear and greed. Before publishing, the main force surged to hit 3500 and then plummeted back below 3400, harvesting back and forth. To avoid being harvested in such market conditions, it's essential to understand that sudden surges and drops belong to the stage of high control by the main force. For small retail investors, the best choice is to wait and see.
First, let's start with price trend analysis. The current candlestick pattern shows a clear upward trend, especially between the 21st and 23rd, where the price rose from 3070 to 3498.94. Between the 22nd and 24th, there was a long upper shadow, indicating some selling pressure at high levels, with the main force taking profits at 3500. If it continues to stretch after a pullback, it indicates the end of selling pressure. The technical indicator MACD histogram has been expanding since the 21st, with both DIF and DEA diverging upwards, showing a strong bullish signal. Liying suggests focusing on buying during pullbacks.
The Relative Strength Index (RSI) is around 64.55, close to the overbought area but not yet in the extreme zone, indicating that the market still has room for further upward movement. The trend indicator EMA shows that the short-term EMA7 has crossed above the medium and long-term 30 and 120, forming a golden cross, supporting the current upward trend. Moreover, the trading volume has significantly increased along with the price rise, indicating active capital inflow, especially with so many main forces entering the crypto circle through on-chain issuance. The main forces are not foolish; entering at this position in Bitcoin means the most likely scenario is that Ethereum, which has been sluggish, is waiting for certain whales to get on board. Therefore, Liying is optimistic about Ethereum in the long run, insisting on a strategy of primarily low long positions with high short positions as a supplement.
Today's latest reference points
Long position at 3350, add at 3300, stop at 3270, target 3500
Short position at 3500, add at 3550, stop at 3580, target 3350
The above analysis by Liying is based on market data and trend analysis of the order book, and does not constitute investment advice. For reference only. Over the past ten years, Liying has continuously explored and experienced hundreds of various digital assets. In this process, Liying has experienced the brilliance of bull markets and the gloom of bear markets, accumulating countless valuable experiences and profound lessons along the way. As a female trader striving in this challenging field, Liying feels a strong responsibility to share her insights, hoping to assist others with dreams in finding their place in this unpredictable market and starting their own successful journey.
The content of the article is time-sensitive and for reference only, risks are borne by the reader.
