Crypto Scholar: 10.22 Ethereum Market Wash, What Secrets Lie Beneath High-Level Consolidation? Latest Market Analysis Reference

Ethereum current price 2640, it is now 12:35 PM Beijing time, let's first review, yesterday's market mentioned that Ethereum has reached a critical resistance level, pay attention to the neckline at 2750 for a short position, the target is not much, just 2700 for profit-taking, the daily candlestick chart shows a double top situation, after slightly breaking the EMA120 it directly retested the EMA90 indicating that there is indeed strong resistance at 2800, the main force needs a deeper pullback to try to challenge 2800 again in the short term.

Yesterday, we saw that the daily candlestick chart directly retested the support point of EMA90 at 2660, after the market opened at 8 AM today, it even broke below EMA90 and started to challenge the exchange point of EMA15 and 60 at 2585, support MACD volume decreases, DIF and DEA just crossed the 0 axis and stood above it but started to contract again, the upper Bollinger Band was also slightly broken and then began to retest above the middle line of the Bollinger Band, KDJ formed a dead cross, overall the trend shows that long and short positions are evenly divided forming signs of high-level consolidation.

Now looking at the four-hour candlestick chart, a continuous downward channel has formed, after breaking the EMA15 support at 2670 yesterday it attempted to push up again, achieving little effect, all the way down to the EMA60 support at 2612, MACD top divergence with decreasing volume, DIF and DEA spreading downward from a high position, the candlestick broke below the middle line of the Bollinger Band at 2670 and entered the downward channel, KDJ prevented the candlestick from further declining and began to contract, in the short term, support at 2610 is effective and the market starts to form a flag pattern, the overall trend enters a short wave, in the short term, look for a pullback, the strategy is to test long positions if the support point does not break again, if the neckline at 2670 does not break, try short positions.

Short-term reference: Safety first, remember that the market is not 100% certain, so always set good stop losses; safety first, small losses and big profits is the goal.

Sell short from 2670 to 2690, stop loss 30 points, target looking at 2640 to 2600, break point looking at 2585.

Buy long from 2580 to 2600, stop loss 30 points, target looking at 2650 to 2680, break point looking at 2710.

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