Liying from the crypto circle: On 11.20, the dream of Ethereum gaining momentum is shattered. Can a short-term rebound be realized? Latest market analysis.
Article published on 2024.11.20 ---- 01:00 AM
The current price of Ethereum is 3112. Just yesterday, it was mentioned that Ethereum had gained momentum but then stagnated, just like a thousand-year-old turtle. This has hurt the hearts of people in the crypto circle. On-chain data shows that a lot of large holders are accumulating positions between 3500 and 4000. If this wave cannot pull up, the mindset of these people is likely to collapse as predicted by Liying, as they all chased high on that day of 520, especially with the majority being spot positions. Another large-scale fluctuation back to 2500 is expected to wash out some positions before stretching again.
Looking at the current price trend, the K-line pattern in the order book is oscillating at a high level, with certain pullback pressure. It has previously experienced a rapid rise and is currently in an adjustment phase. Technical indicator MACD: Both DIF and DEA are currently negative, but the MACD histogram shows that bullish momentum is increasing. A rebound may occur in the short term. The box market is difficult to predict, and now is the time to lay out the box pressure and support levels. However, from the shrinking trend of Ethereum, we can only wait; if it doesn't reach, we will continue to wait.
The relative strength index (RSI) is close to 50, indicating that the market currently does not have a clear overbought or oversold state, with an unclear trend. The trend indicator EMA price is currently hovering below EMA7, above EMA30 and EMA120. In the short term, the trend is weak, but the medium to long-term still maintains a bullish pattern. Trading volume has decreased, and market sentiment is cautious. Yesterday there was a surge in volume, followed by a gradual shrinkage in trading volume. Therefore, the market should focus on two major support points: the first is 3100, and the second is the previous low support at 3020, while the upper resistance is at 3250.
Latest reference points for today.
Long position at 3050, add at 3000, stop at 2950, target 3150.
Short position at 3200, add at 3250, stop at 3300, target 3050.
The above analysis by Liying is based on market data and order book trend analysis and does not constitute investment advice. For family reference. Over ten years, Liying has continuously explored and experienced hundreds of various digital assets. In this process, Liying has gone through the brilliance of bull markets and the gloom of bear markets, stumbling along the way and accumulating countless precious experiences and profound lessons. As a female trader striving in this challenging field, Liying feels a responsibility to share her insights and hopes to help others with dreams find their place in this unpredictable market and embark on their own journey to success.
The content of the article has real-time relevance and is for reference only; risks are borne by the reader.
