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Cryptocurrency Academician: Ethereum (ETH) Latest Market Analysis for April 20, 2024

The Ethereum market analysis from yesterday has made it very clear that the current layout is around 2900, with the final target at 3075. Only this one trade was made yesterday. The chip density at the 3130 pressure level was too high, so I chose to be conservative and stay on the sidelines. A 175-point space is sufficient for us.

Let's look at today's Ethereum market. Currently, Ethereum is in the range of 3000 to 3030 for long positions, with a stop loss at 2950 and a take profit at 3100. Everyone can pay attention to it. As the dust settles, the market will basically return to calm. It is highly probable that there will be a sideways correction this weekend. As of the time of writing, Ethereum is near 3060. Although I am writing this article now, it does not affect revealing the current price position and the target point. Practical experience is more important than just talking.

Yesterday's candlestick chart saw a washout of long and short positions, with the lowest point near 2860 and the highest near 3130, showing a market of ups and downs. The closing price was 3055, almost hovering near yesterday's closing price. Therefore, it is expected to have a small stretch, with a conservative space of less than 100 points.

The EMA trend indicator is starting to spread downwards, indicating strong resistance from the bulls in the short term. The 3130 resistance point is difficult to break in the short term, so the conventional approach is to go short at the pressure level. After all, being idle within the EMA trend indicator means a sideways market. The KDJ is now starting to converge to form a golden cross, the MACD is shrinking in volume, and the DIF and DEA are starting to shrink from the over-shrinking indicator. The support and pressure levels of the Bollinger Bands have deviated. The idle position is in the range between the midline at 3275 and the lower line at 2870.

The KDJ on the four-hour candlestick chart has not formed a golden cross but is alternating downwards, while the MACD is increasing in volume. The DIF and DEA are diverging at the bottom and approaching the 0 axis. The Bollinger Bands are in a sideways market, and the current price is at the exchange point near the midline at 3045. The pressure area of 3135 and the support point of 2955 are being watched. The overall trend is to operate within this small range.

Therefore, the suggested approach is to use the conventional method of going short at the pressure level and going long at the support level:

For short positions, pay attention to the range of 3100 to 3120 for entry, with targets around 3080 and 3030, and a stop loss at 3140 (with little fluctuation, it is a weekend sideways operation).

For long positions, pay attention to the range of 3000 to 3030 for entry, with targets around 3070 and 3020, and a stop loss at 2955 (exit with a small loss if the support is broken).

Whether long or short, operate within the range and set a strict stop loss. Exit the market regardless of profit or loss if the range is broken. Stay rational. As long as the range is not broken, the above strategies can be used back and forth. Real-time market data should be the main consideration for specific operations. More information can be obtained from the author. The article is published with a delay and is recommended for reference only. Trade at your own risk.

This article is exclusively provided by the Cryptocurrency Academician and represents the Academician's exclusive viewpoint. Deep research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, and others. Due to the timing of article publication, the above viewpoints and suggestions are not real-time and are for reference only. Trade at your own risk. Please indicate the source when reposting. Control your positions reasonably and avoid heavy or full positions. The Academician also hopes that investors understand that the market is always right. If you make a mistake, you should reflect on your own issues and not let the potential profit slip away. There is no need to be smarter than the market in investment. When the trend comes, follow it; when there is no trend, observe and be patient. It is not too late to act after the trend becomes clear. Tomorrow's success comes from today's choices. Heaven rewards hard work, earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses are all in the details. Develop the habit of strictly setting stop-loss and take-profit for each trade. The Cryptocurrency Academician wishes you a pleasant investment experience!

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