Crypto Circle Li Ying: Long upper shadow on December 11 shows relentless selling pressure, will Ethereum face a major breakout!? Latest market analysis

Article published on 2024.12.11----01:00

Current price of Ethereum is 3600. Li Ying's thoughts on the market are simple: it's better to miss out than to make a wrong move. Don’t regret missing market opportunities; many fans feel it’s unfortunate to have missed yesterday's bullish wave. However, the market saw 560,000 people liquidated, and we are incredibly fortunate to be among those outside of this group. In the short term, the market has entered a bearish phase, and whether we can maintain the 3500 level will depend on the market reaching 3500 first.

Looking at the current K-line shape of the order book, there is a clear downward trend forming as it falls from a high position, showing a long upper shadow and a large bearish candle, indicating strong selling pressure. The decision for the main force to take profits is firm. The MACD technical indicator shows that both DIF and DEA are below the zero line, and the MACD histogram is negative, indicating that the market is in a bearish trend in the short term. Those who want to short can start to consider shorting.

The relative strength index (RSI) is approaching the oversold zone but has not entered it yet. There may be a rebound demand in the short term, but overall it remains weak. The trend indicators EMA show that the current price is below EMA7, EMA30, and EMA120, indicating a bearish arrangement in the short, medium, and long-term moving averages, confirming a downward trend. Trading volume increased significantly between 04:00 and 08:00 on the 10th, indicating increased selling pressure. A short-term bearish wave is coming, followed by a decrease in trading volume, and market sentiment is becoming cautious. After further exploration of the bottom, one can start to enter long positions, as the major trend support point is around 3500. If it does not break, one can continue to go long along with the trend.

Today's latest point of reference

Long entry point 3530, add 3480, stop 3430, target 3700

Short entry point 3700, add 3750, stop 3790, target 3550

The above analysis by Li Ying is based on market data and order book trend analysis and does not constitute investment advice. For family reference $ETH #以太坊行情分析