Liying in the Crypto Circle: Ethereum Fails to Challenge 2700 on October 17! The Struggles and Opportunities Under Strong Pressure! Latest Market Analysis

Article published on 2024.10.17—06:55

Ethereum indeed did not break through the iron wall of 2700. If it still closes as a bearish candle after 8 o'clock, then the bearish momentum will come, and the overall trend will reverse, especially as a large-scale market has formed a cup pattern, which has already progressed about 80-90%. According to the trend, it is in a sideways state; even if it declines slowly, it won't drop too much, so the trend leans towards a stable sideways movement.

Liying first analyzes the price trend. The current K-line pattern is fluctuating within the range of 2600 to 2650, forming a consolidation pattern. On the 14th, a long bullish candle appeared, indicating strong buying power, but in the following days, it failed to break the previous high of 2688, indicating significant pressure above. It will be difficult to break through in the short term. The technical indicator MACD: Currently, the DIF and DEA are close to the zero axis, and the MACD histogram has turned from negative to positive and then back to negative, indicating fierce competition between bulls and bears in the short term, with an unclear trend.

The Relative Strength Index (RSI) hovers around 60, indicating a standard sideways pattern. The trend indicators EMA7 and EMA30 are both moving upwards, and the price is above EMA7, showing that there is still some support in the short term. There is strong support below, but also significant pressure above. The trading volume has decreased, indicating an increase in market wait-and-see sentiment, with today's trend being sideways.

Liying's latest point of reference for today (sideways)

Long entry point 2550, add position point 2530, stop-loss point 2500, target 2650

Short entry point 2650, add position point 2700, stop-loss point 2730, target 2550

Reason: Encountering strong pressure and strong support at a large scale, the sideways trend is effectively suitable for swing trading. Rational thinking and reasonable layout are essential. The content of the article is timely and for reference only; risks are borne by the individual.

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. In this process, Liying 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, Liying 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 journey to success.

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