Cryptocurrency Circle Liying: Ethereum Faces a Choice on October 3rd! Is it a Rebound? Or Will it Test the Bottom Again? Latest Market Analysis

Article Published on 2024.10.3—14:25

Generally, after a one-sided market trend, there will be a long period of sideways movement, especially noticeable with Ethereum, which tends to struggle to drop further after testing the bottom at 2300. Liying can easily predict that this time the market will also experience a sideways phase, particularly as it has been testing below 2400. First, Liying will provide a reference based on price trend analysis.

Looking at the four-hour candlestick pattern, it shows a clear downward trend. The significant drop on the 1st and 2nd formed a long bearish candle, and on the 3rd, there was a certain degree of rebound. However, the overall state remains in low-level fluctuations. The technical indicator MACD: Currently, the MACD histogram is in the negative area, and both DIF and DEA are diverging downwards, indicating strong bearish momentum. Additionally, the RSI value is close to 30, entering the oversold zone. Therefore, Liying predicts a technical rebound in the market, but caution is needed for continued weakness.

The trend indicators show that the short-term EMA7 has crossed below the long-term EMA30 and EMA120, indicating a bearish market in the short term. The current price is operating below EMA7, indicating some pressure. Furthermore, the trading volume significantly increased from the 1st to the 2nd, accompanied by a sharp price drop, suggesting heavy selling pressure. At this time, Liying believes market sentiment is cautious, with a strong wait-and-see atmosphere, leaning towards range trading.

Today's Latest Point of Reference: (Sideways)

Long Entry Point: 2300, Add Position Point: 2250, Stop Loss: 2220, Target: 2400

Short Entry Point: 2500, Add Position Point: 2550, Stop Loss: 2580, Target: 2400

Reason: After a one-sided trend, a sideways movement is needed to restore market sentiment, stabilizing the market is a conventional trend. Therefore, Liying adopts a conventional approach for judgment. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above analysis is based on market data and trend analysis, provided for reference only and does not constitute investment advice. For family members' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying has witnessed 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, Liying feels a responsibility to share her insights, hoping to assist others with dreams in finding their place in this unpredictable market and embarking on their own successful journey.

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