Cryptocurrency Circle Li Ying: Ethereum on October 1st continues to free fall in price, facing dangers ahead, latest market analysis

Article published on 2024.10.1—10:00 AM

Li Ying's target yesterday only reached a little over 2600, and the defense at 2550 was not reached. There is still a possibility of testing the 2550 level again, although it may not be very large. Currently, we can observe that the market trend has not changed and remains bullish. The pullback has provided us with an opportunity to go long. Li Ying will first show everyone the current market trend. We will start with the four-hour K-line pattern analysis. The price is fluctuating within the range of 2600 to 2700, forming a consolidation pattern, indicating that the bullish trend has not ended. The pullback requires selling pressure, and the market needs to digest this. Once digested, it is highly likely to break the previous high again.

On the 27th, a long bullish candle appeared, followed by several days of continuous pullback, but overall it remains at a high level. The technical indicator MACD on the four-hour cycle is operating below the zero axis, with both DIF and DEA being negative, indicating strong bearish pressure in the short term. However, there are signs of gradual convergence, which may lead to a rebound. The current RSI on the four-hour cycle is at 45, indicating that the market does not have a clear direction temporarily, which further illustrates the lack of direction in this market.

The trend indicator EMA shows that the current price is above EMA7 but below EMA30, indicating a short-term bullish trend but significant pressure in the medium term. EMA120 is far below the current price, indicating that the long-term trend remains positive. The trading volume has increased in the last few trading days, especially after the significant rise on the 27th, showing increased capital activity. Although today's market volume has decreased, it does not mean that momentum has diminished. Therefore, Li Ying's strategy remains primarily bullish with a secondary focus on bearish positions.

Today's latest reference points:

Long entry at 2600, add position at 2550, stop loss at 2500, target at 2700

Short entry at 2700, add position at 2750, stop loss at 2780, target at 2650

Reason: The integer trend support point for going long is effective and can be held. It is essential to take precautions. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above analysis by Li Ying is based on market data and trend analysis and is for reference only, not constituting investment advice. For family members' reference. Over the past ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Li Ying has experienced the brilliance of bull markets and the gloom of bear markets, accumulating countless valuable experiences and profound lessons along the way. As a female trader striving in this challenging field, Li Ying feels a responsibility to share her insights and hopes to help others with dreams find their place in this unpredictable market and embark on their own successful journey.

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