Cryptocurrency Circle Li Ying: Key Moment on 10.2! The bearish trend of Ethereum is intensifying, and the outlook is concerning! Latest market analysis

Article published on 2024.10.2—10:30 AM

Li Ying's bearish trend was very evident yesterday, and decisive actions were taken. After breaking below 2600, it fell all the way down to above 2400, capturing a fluctuation of over a hundred points. All of this has already been communicated; the key question is how much more space can be captured in the future. We only look at the present, so let's examine the current market. The four-hour K-line pattern shows a clear downward trend, especially with the significant drop from 2630 to 2440 on the 1st, which produced several long bearish candles and a few small bullish candles, indicating substantial selling pressure in the market.

The technical indicator MACD is operating in the negative zone, with both DIF and DEA diverging downwards, showing strong bearish signals. The RSI is currently around 30, which may indicate a potential short-term rebound. The trend indicators show that the current price is below EMA7, EMA30, and EMA120, indicating an overall weak pattern. EMA7 has quickly crossed below EMA30 and EMA120, forming a death cross, further confirming the downward trend.

From the market data on the 1st, the trading volume significantly increased to 1,623,547, accompanied by a sharp price drop, indicating immense selling pressure. However, before publication, Li Ying noticed a decrease in trading volume, but it still remains at a high level, suggesting that market sentiment is still bearish. Therefore, Li Ying recommends focusing on short positions at resistance levels after a rise, while waiting to see if there are opportunities at support levels later in the evening.

Today's latest reference points:

Long entry at 2400, add position at 2350, stop loss at 2300, target at 2550

Short entry at 2550, add position at 2600, stop loss at 2650, target at 2450

Reason: The trend has begun to turn bearish, and the strategy is to follow the trend and focus on shorting at resistance levels, with entry points chosen at higher resistance levels and slightly lower stop loss points to prevent being stopped out. 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 from the market, for reference only, and does not constitute 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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