11.8 Cryptocurrency Market Analysis: The Psychological Battle at 1000! How Will Ethereum Seek Opportunities at the 3000 Mark? Latest Market Analysis
Article Published on 2024.11.8—08:35
Ethereum reached a high of 2925 yesterday, surging forward. It has been over three months since it last fell below 3000 and attempted to breach this level again. Many cryptocurrency enthusiasts thought of 3000 as a buying opportunity, are you still with us? Yesterday's pullback lacked sufficient strength, and there were no suitable entry points, so it remained in a wait-and-see phase. This morning, it unexpectedly surged past 2950. Following this trend, we believe there will be support building below the 3000 mark before another attempt at breaking through.
Our advice is still to wait before making any decisions. Firstly, from the price trend, we can see that the current candlestick pattern is in an upward trend, especially as the price rebounded significantly from a low point the day before yesterday, forming multiple bullish candlestick combinations in the 4-hour timeframe, indicating strong buying power. Technical indicators in the 4-hour timeframe show that the MACD fast and slow lines are diverging upwards, and the histogram is positive, indicating that the current market is in a bullish trend.
The Relative Strength Index (RSI) is currently close to 80, entering the overbought zone but has not yet shown any signals of a pullback, so caution is advised regarding possible short-term adjustments. The EMA trend indicator shows that the price has broken through and stabilized above the EMA7, EMA30, and EMA120, indicating strong upward momentum. We recommend keeping an eye on the continuation of the trend after the EMA7 and EMA30 golden cross.
During the period of rapid price increase, trading volume shows that capital is actively entering the market. In recent trading sessions, volume has decreased, indicating that the main force lacks sufficient strength to push through 3000, and more time is needed to build up strength before attempting to challenge the 3000 mark. The entry point is based on 3000, with a focus on low buying in line with the trend.
Short-term trading suggestions:
Buy point at 2850, stop loss at 2800, stop loss point at 2770, target at 2960
Sell point at 3000, stop loss at 3050, stop loss point at 3080, target at 2850
Reason: The neck line serves as the first entry point for long positions, EMA30 is used as a stop-loss point. Exit if it breaks below this level. The 3000 mark presents strong resistance as the first entry point for short positions, with stop-loss set at the previous high. If it breaks, apply stop-loss. The content of this article is time-sensitive and for reference only, risk is to be borne by the reader.
