Cryptocurrency Circle Liying: Ethereum's Attempt to Break 2700 Fails on 10.16! Bullish Trend Remains! Future Still Holds Promise, Latest Market Analysis

Article Published on 2024.10.16—06:40

The overall trend of Ethereum has been disappointing, failing to reach the expected level and struggling to break 2700, instead continuing to decline. It seems that 2700 has become an insurmountable barrier. Yesterday, the market's main force made a violent push, but it only served to dress up Bitcoin; Ethereum's highest was only 2688. The bullish momentum has not fully opened up, instead showing signs of weakness. Fortunately, the support has remained intact, so the trend is still bullish. Let's look at Liying's analysis moving forward.

First, the current K-line pattern is fluctuating around 2600, forming a relatively obvious oscillation range. On the 14th, a long bullish candle appeared, indicating strong buying power, but it subsequently retraced to around 2590. The technical indicator MACD shows that both the DIF and DEA averages are rising, and the MACD histogram presents a bullish trend, although there are signs of weakening, which requires attention to subsequent changes.

The Relative Strength Index (RSI) is close to the overbought area at 63.92, which may lead to short-term retracement pressure. However, the trend indicators EMA7, EMA30, and EMA120 are all diverging upwards, indicating that the medium to long-term trend is still upward, although short-term adjustments may be faced. Additionally, the trading volume has significantly increased, indicating heightened market activity, but the main force's willingness to chase higher prices is not strong, which is a point to note.

Liying's Latest Reference Points for Today (Bullish)

Long Entry Point: 2500, Add Position Point: 2450, Stop Loss Point: 2420, Target: 2650

Short Entry Point: 2650, Add Position Point: 2700, Stop Loss Point: 2730, Target: 2500

Reason: The larger trend remains bullish, and the target can be set slightly above the previous high. There is no need to overthink; rational thinking and reasonable layout are essential. The content of this article is time-sensitive and for reference only; risks are to be borne by the reader.

The above is Liying's brief analysis of the current market situation for investors' 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 ever-changing market and embarking on their own successful journey.

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