On September 30, 2024, Lao A conducted a comprehensive and accurate interpretation of the price trend of ETHW.
Judging from the K-line shape, the recent market performance has shown a positive trend. Especially the big positive lines on September 29th and 30th, this significant upward trend shows the strong momentum of the market. However, the price appears to have encountered some resistance as it approaches the $4.0 level. But even so, the entire price is still in an upward channel, showing strong upward momentum.
In the interpretation of technical indicators, both the DIF and DEA lines of MACD show an upward divergence trend. At the same time, the MACD histogram is positive and continues to increase, which all reflects the strong power of bulls and the positive sentiment of the market. The 14-day line of the RSI indicator is close to 90. Although it has entered the overbought range, indicating that there may be callback pressure in the short term, if it can continue to operate at a high level, it indicates that the strong market trend is still continuing.
Looking further at the performance of the EMA (Exponential Moving Average), the current price is firmly above EMA7, EMA30 and EMA120. More importantly, the order of EMA7, EMA30 and EMA120 shows the characteristics of a bullish arrangement, that is, EMA7>EMA30>EMA120, which provides solid support for the price.
In terms of trading volume, market participation has increased significantly recently, especially in the transactions on September 29th and 30th. This shows that the game between the long and short parties is extremely fierce, and the trend of heavy volume increases often indicates that the market outlook will continue to be bullish.
As for the 4-hour price trend of ETHW, Lao A gave specific suggestions for grasping the buying and selling points:
Buying point one: 3.90 USDT. This price is located near the previous high and has the characteristics of integer support.
Buying point two: 3.85 USDT. This price is not only supported by the EMA7 moving average, but is also close to the low of the previous band.
Regarding the setting of the long stop loss point, Old A suggested setting it at 3.80 USDT, which is 5 cents below the buying point 2, in order to prevent losses caused by false breakthroughs in the price.
As for the setting of the selling point, Lao A believes that 4.10 USDT and 4.15 USDT are the integer barrier pressure levels above the current price and the target levels for further rise. The short stop loss point should be set at 4.20 USDT, which is 5 cents above the selling point two, also to prevent a false breakthrough in the price.
