Crypto Circle Li Ying: Waiting for the Bottom Signal on December 3rd! Will Ethereum's psychological barrier at 3500 be broken? Latest market analysis

Article published on 2024.12.3----01:45

Current price of Ethereum is 3596. Let's review yesterday's article where Li Ying advised everyone not to rush to exit the market, as there is a potential to break the previous high and reach 3765. Has that been proven false? Although the main force is taking profits and starting to liquidate long positions, it doesn't matter how we clear our entry points because the key support at 3700 has been broken. There's no need to hold on; it's better to exit first and wait for the next bottoming out before considering re-entry. The major support level should be clear to everyone: yes, it's the psychological barrier above 3500. Let's take a look at the market

Li Ying continues to analyze price trends. The candlestick patterns at the high are showing fluctuations with multiple long upper shadows, indicating heavy selling pressure above. The main force has clearly started to take profits. The most recent candlestick is a bearish one and has broken below the previous low support, indicating short-term downward pressure. Once the pullback ends, the technical indicators such as MACD show that both DIF and DEA are diverging downwards, and the MACD histogram has shifted from positive to negative, indicating an increase in bearish strength. The possibility of a deep bottoming out increases, and our opportunity is approaching

The Relative Strength Index (RSI) has fallen from the overbought zone and is currently in a neutral to weak area, showing a decrease in upward momentum as the main force begins to liquidate longs. The trend indicator EMA indicates that the current price has fallen below EMA7 and is close to EMA30. If it continues to decline, it may test the support at EMA120. Additionally, as trading volume increases significantly, it indicates strong market selling sentiment. Currently, the market is still at a relatively high level, so we must be cautious of further downside risks. Therefore, it is advisable to wait for clear support after the bottoming out before entering the market, focusing on longs for now; shorts are not being considered temporarily

Today's latest reference points

Long entry point at 3500, add at 3450, stop at 3400, target at 3650

Short entry point at 3700, add at 3750, stop at 3800, target at 3550

The above analysis by Li Ying is based on market data and trend analysis and does not constitute investment advice. For family members' reference $ETH #以太坊行情分析