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Scholar in the cryptocurrency circle: October 16, 2024, Ethereum (ETH) latest market analysis reference.

It is currently 7:30 AM Beijing time. Ethereum's large-scale trend shows a pattern of testing highs and lows. In the short term, this is quite a significant liquidation. Yesterday, a student asked, only a few aggressive students shorted at the high points of 2650 and 2660. Although there was quite a bit of room, this kind of market is not recommended to chase. When trading, we need to learn to observe during rapid rises and falls, stay in cash, wait for opportunities, and survive first to have a future.

Looking at the market, the current price of Ethereum is at the 2600 mark. The daily K-line is likely to close with a bearish candle after 8 AM, with a high of 2690 and a low of 2536. From Ethereum's recent performance, 2690 has reached a significant resistance level. Since it hasn't gone above, it indicates that the resistance level is effective. The daily K-line is likely to return to the EMA60 trend indicator support point at 2565 for consolidation. The short-term bearish trend is quite obvious; aggressive traders can take positions, while conservative traders should wait to short at high points. The MACD is increasing in volume, the DIF is above the 0 axis, and the DEA is still below the 0 axis. This polarization leads to a sideways trend. The KDJ is contracting downwards, indicating that the 2690 resistance level is effective. The Bollinger Bands are turning downwards, and the K-line is blocked by the upper Bollinger Band resistance at 2720, with the middle band support point at 2495.

The four-hour K-line continues to consolidate at high levels. The K-line has repeatedly tested the EMA15 trend support point at 2570. Overall support is not very strong, and it can continue to look down at the EMA30 support point at 2530. The EMA mesh upward alternating trend is nearing its end, and the bulls are showing signs of fatigue. The MACD volume is decreasing, and the DIF and DEA are contracting at high levels, with a potential death cross forming at any time. The fast line is in a sideways channel, focusing on the upper resistance level at 2680 and the middle support point at 2545. The overall trend's pressure and support have been identified. The strategy can focus on shorting at high levels, and after confirming effective support at low levels, one can also consider going long.

Short-term strategy reference: Remember that the market is never 100% certain, so always set stop losses. Safety first; small losses with big gains are the goal.

Short positions from 2650 to 2680, with a stop loss at 2710 for additional shorting, stop loss of 50 points, target looking at 2600 to 2550, and if broken, looking at 2500.

Long positions from 2550 to 2530, with a stop loss at 2490 for additional long positions, stop loss of 50 points, target looking at 2600 to 2650, and if broken, looking at 2700.

Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication; the suggestions are for reference only, and risks are borne by the reader.

This article is exclusively contributed by the scholar in the cryptocurrency circle and represents the scholar's unique viewpoint. In-depth research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above viewpoints and suggestions may not be real-time and are for reference only. Risks are borne by the reader. Please indicate the source when reprinting. Manage your positions reasonably, and do not operate with heavy or full positions. The scholar also hopes that all investors understand that the market is always right. If you are wrong, you should reflect on where the problem lies. Do not let the profits that should be yours slip away. There is no need to be smarter than the market. When a trend comes, respond to it; when there is no trend, observe and remain calm. It is not too late to act once the trend becomes clear. Tomorrow's success stems from today's choices. Heaven rewards diligence, the earth rewards kindness, humanity rewards sincerity, business rewards trust, industry rewards excellence, and art rewards passion. Gains and losses often occur unexpectedly. Develop the habit of strictly setting stop losses and take profits for each trade. The scholar in the cryptocurrency circle wishes you happy investing!

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