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Crypto Circle Scholar: November 2, 2024, Ethereum (ETH) latest market analysis reference.
The current price of Ethereum is 2515. It is now four o'clock in the morning Beijing time. The daily K-line's highest point is 2587, and the lowest point is 2465. Earlier, the short position at 2720 dropped below 2500, resulting in a profit of over 200 points that you missed. Before publishing, the second entry point was at 2565, entering the market using the non-farm payrolls. Currently holding, although the market was above 2500 before publishing, there isn't much space looking down. If 2500 cannot be maintained, the support level will inevitably fail. The reason is simple: if Ethereum rises, it doesn't fall either.
Currently, the daily K-line has pulled back and briefly broken the EMA60 trend resistance level at 2570, forming a long upper shadow, which is a typical indicator of inducing buying. It has returned downward below the EMA trend indicator. The MACD shows a decrease in volume, and both the DIF and DEA have expanded downwards from a high position, indicating a market that is compressed and unable to move up or down. The Bollinger Bands are also contracting, with the mid-level resistance at 2582 and the lower support at 2430. After breaking below 2500, the market is again free to drop. A large-scale market contraction means that Ethereum will continue to torment people.
The four-hour K-line shows a cup and handle pattern, which I have mentioned in previous articles. There is a pullback opportunity at the cup's mouth at 2565 for a short position. The EMA trend indicator is still expanding downwards, indicating that the short trend has not ended. It is expected that the K-line will pull back to the upper moving average resistance level around 2550. You can refer to this. The MACD shows a decrease in volume, and the Bollinger Bands are opening downwards with the lower support breaking below 2455. The trend continues previous thoughts: continue shorting at the upper resistance level while also trying long positions around 2400.
Short-term reference: Safety first. Remember that market conditions are never 100%, so always set a stop-loss. Safety first; small losses with big gains are the goal.
Short position from 2570 to 2550, stop loss at 50 points, target looking at 2520 to 2480, breakdown look at 2430.
Long position from 2400 to 2430, defend at 2350 to 2320 for additional purchases, stop loss at 50 points, target looking at 2470 to 2520, breakdown look at 2560.
Specific operations are based on real-time market data. For more information, you can consult the author. There may be delays in article publishing; suggestions are for reference only, and risks are borne by individuals.
This article is exclusively contributed by the Crypto Circle Scholar and represents the scholar's unique viewpoint. In-depth research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's push, the above viewpoints and suggestions are not real-time and are for reference only. Risks are borne by individuals. Please indicate the source when reprinting. Manage positions reasonably, and do not operate heavily or fully invested. The scholar also hopes that investors understand that the market is always right; if you are wrong, you should reflect on where the problem lies. Don't let the profits that should have been realized slip away. There is no need to outsmart the market. When a trend comes, respond to it; when there is no trend, observe and remain calm. It is not too late to act once the trend becomes clear. Tomorrow's success stems from today's choices. Heaven rewards diligence, earth rewards kindness, humanity rewards sincerity, business rewards trust, industry rewards excellence, and art rewards passion. Gains and losses often happen unwittingly. Cultivate the habit of strictly maintaining stop losses and take profits for each trade. The Crypto Circle Scholar wishes you happy investing!
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