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Cryptocurrency Academician: Ethereum (ETH) Latest Market Analysis for April 23, 2024

First, let's review yesterday's results. Yesterday, Ethereum was over 3130, with the target set at 3180. After that, a short position was opened and stopped out at 3200, and only two positions were taken throughout the day. The rest of the time was spent observing because the upper market did not give a signal. Therefore, we adhere to several principles: first, do not open a position without a breakthrough; second, do not open a position without a signal; third, do not open a position without finding a stop-loss point; fourth, do not open a position if the stop-loss space is too large; fifth, do not open a position if it is not a key point. Now you know the reason why Ethereum did not open a position again after a small loss yesterday, right?

Now let's look at today's market. By the time of writing, Ethereum has already retraced to the support levels of 3175 and 3185. So, we should do what we should at the support level, which is to open long positions, add to the position at 3130 on the retracement, and set the stop-loss at the round number of 3100. Currently, the EMA trend indicator is starting to warm up, and the upper pressure of EMA has also reached the 60 pressure level near 3250. Whether it can break through is still unknown. If it doesn't break, you can take a small profit. KDJ is spreading upwards, MACD's shrinking volume has ended and it is starting to increase in volume, and the continuous increase in funds has ended the shrinking volume. The K-line has also reached the pressure level near 3250 of the middle rail of the Bollinger Band. Several major technical indicators are all around 3250, indicating strong pressure at this level, a concentrated area of chips. If it doesn't break, it will fall back; if it breaks, it will become a strong support level. You can pay attention to this level.

Looking at the four-hour K-line, it is still within the EMA trend indicator. The only thing that can be seen is that the trend indicator is starting to spread upwards alternately. The current K-line is blocked at the intersection of EMA 60 and 15 at 3165, so the entry point can be determined. KDJ is spreading downwards, MACD is shrinking and moving downwards, DIF and DEA are closing at a high level, and the Bollinger Band is starting to rise and contract. If it doesn't break, you can open long positions on the retracement. Keep a good stop-loss mentality.

Specific entry points are as follows:

Long entry points are at 3165 and 3185, and the exit points are at the first pressure level of 3230 and 33250. If it doesn't break, you can exit. The second exit point is at 3285 and 3310. Add to the position at 3130 on the retracement, and exit the short position if it falls below 3100. The strategy suggests focusing on long positions on the retracement for now, and not shorting.

Aggressive traders can position short at 3330 and 3300, with a target of 50 to 100 points for profit, and a stop-loss at 3370. However, the risk of shorting is greater than the reward, just like gambling in a tiger's mouth. The suggestion is to focus on long positions on the retracement and keep a good stop-loss. Even if you exit with a small loss, it's acceptable.

Specific operations should be based on real-time market data. For more information, please consult the author. The article is published with a delay, and it is recommended for reference only. Please bear the risks.

This article is exclusively provided by the Cryptocurrency Academician and represents the Academician's exclusive viewpoint. The viewpoints and suggestions for BTC, ETH, DOGE, DOT, FIL, EOS, and others are based on in-depth research. Due to the timing of the article's release, the above viewpoints and suggestions are not real-time and are for reference only. Please bear the risks, and when reposting, please indicate the source. 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 summarize where your own problems lie 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's not too late to act after waiting for the trend to become clear. Tomorrow's success comes from today's choices. The way of heaven rewards hard work, the way of earth rewards kindness, the way of people rewards sincerity, the way of business rewards trust, the way of industry rewards precision, and the way of 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 journey!

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