Crypto Circle Scholar: Ethereum fluctuates on November 2nd, how to respond to the upcoming volatility with opportunities for both bulls and bears?
The current price of Ethereum is 2515, it is now 4 AM Beijing time, the daily K-line's highest point is 2587, the lowest point is 2465. Previously, after breaking below 2500 from 2720, a profit was taken, missing out on over 200 points. Before publication, the second entry point was at 2565, entering with non-farm data. Currently holding, although before publication the market was above 2500, looking down there is basically not much space left. It's okay not to rush, if 2500 can't hold, the support level will eventually fail. The reason is simple: Ethereum doesn't understand how to rise, and it also can't move when it falls.
Currently, the daily K-line has a false breakout through the EMA60 trend resistance level at 2570, forming a long upper shadow, a typical baiting indicator, and it has returned below the EMA trend indicator. The MACD volume is decreasing, and the DIF and DEA are spreading downwards from a high position, indicating a market where the space is compressed, unable to rise or fall. The Bollinger Bands are also contracting, with the mid-band resistance at 2582 and the lower band support at 2430. After breaking below 2500, there is the same freedom to take profits. A larger scale market contraction means Ethereum will continue to torment people.
The four-hour K-line has a handle and cup shape, which I mentioned in previous articles. The cup's opening has a pullback point at 2565, providing an opportunity for shorting. The EMA trend indicator continues to expand downwards, and the short trend is not over yet. It is expected that the K-line will pull back to the upper moving average resistance area around 2550, which can be referenced. The MACD shows a decrease in volume, and the Bollinger Bands are opening downwards, with the lower band support having broken below 2455. The trend continues the previous thought process, with a pullback to the upper resistance level for further shorts. Near 2400, you can also begin to test long positions.
Short-term reference: Safety first, remember that the market is never 100% certain, so always set a stop loss. Safety first; small losses and big gains are the goal.
Short above 2570 to 2550, stop loss of 50 points, target looking at 2520 to 2480, breaking below targets 2430.
Long below 2400 to 2430, with a defense at 2350 to 2320 to add to longs, stop loss of 50 points, target looking at 2470 to 2520, breaking below targets 2560.
Don't forget, the darkest hour is often just before dawn. On the road to pursuing dreams, you are never alone; you still have me.
I am a warrior in the crypto circle, always protecting the retail investors. I wish my fans financial freedom in 2024, let's work hard together!
