Cryptocurrency Circle Li Ying: 10.10 Short Sellers Strike Back! How Will Ethereum Respond to the Break of 2400 Support? Latest Market Analysis

Article Published on 2024.10.10—16:00

Ethereum has held at 2420 for five consecutive days and has not broken below 2400. Unexpectedly, the main force dumped the market late at night, directly breaking through the key support. In the end, they had to stop-loss and regretfully exit. From the overall situation, Bitcoin will continue to decline after breaking below 60000, but Ethereum, after breaking below 2400, will basically find it difficult to drop again in the range of 2200 to 2400, indicating that this position is the last bottom line for the main force.

Looking at today's market, the current K-line pattern is fluctuating in the range of 2400 to 2500, forming a consolidation pattern. The appearance of multiple long upper and lower shadows indicates significant market divergence. Technical indicator MACD: Currently, both DIF and DEA are negative, and the MACD histogram shows that short-selling power is increasing, but there are signs of weakening.

Next, looking at the RSI14 indicator, it is close to the neutral zone, slightly below 50, indicating that the market is in a relatively balanced state. The trend indicator EMA short-term EMA7 is around 2390, while the medium and long-term EMA30 and EMA120 are above 2430 and 2478, respectively, indicating a short-term bearish trend, but overall still within a large support range.

Today's latest point of reference: (Wait and See)

Long entry at 2350, add position at 2320, stop-loss at 2290, target 2450

Short entry at 2450, add position at 2480, stop-loss at 2500, target 2350

Reason: During the foundation-building phase, what needs to be done is to wait for signals to appear before taking action. The practical results can be checked with Li Ying. The content of the article is time-sensitive and for reference only; risks are borne by the individual.

The above analysis by Li Ying is based on market data and trend analysis of 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. In this process, Li Ying has experienced the brilliance of bull markets and the gloom of bear markets, accumulating countless precious 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, hoping to help others with dreams find their place in this unpredictable market and embark on their own successful journey.

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