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Scholar in the cryptocurrency circle: October 17, 2024, Ethereum (ETH) latest market analysis reference

The current price of Ethereum is 2620. It is now 8 AM Beijing time, and the daily candlestick has just closed. I originally thought it would close with a bearish candle, but unexpectedly, the morning session saw a pull-up, and the last daily candlestick closed bullish. The 2700 resistance level has not been broken for a long time, so I have not entered the market yet and will mainly observe for now.

The short-term resistance on the daily candlestick is at the EMA90 trend pressure level of 2660, and the EMA120 resistance level is at 2730. Due to the overall market situation, the main entry in recent days has been Bitcoin. The EMA15 support is still below 2520, and the MACD is showing an increase in volume, continuing to accumulate. The polarization of DIF and DEA has not yet ended, and the market is expected to continue consolidating. During the horizontal correction period, it is difficult to break 2700. The upper pressure level of the Bollinger Bands is at 2705, and the middle support point is at 2495. From the daily trend perspective, the upper pressure level is continuously moving down, making it difficult to break through for a while, and there is a possibility of a pullback, so caution is advised.

The four-hour chart is starting to contract, with the EMA15 trend support point coming down to 2595, below 2600. The overall performance is relatively flat; although the support is effective, it is not very strong. It needs to continue to test the EMA30 support point at 2560, and the MACD is showing a top divergence trend continuation. The volume is decreasing, and the Bollinger Bands are contracting, with the upper pressure level dropping to 2590, and the middle line also at 2590. Overall, the trend is still in consolidation and contraction. This week's market is basically nearing its end. If there are not too many influencing factors on Friday, it will continue to move sideways, suitable for making swing trades. I will capture the trend while you handle the swings yourself.

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

Swing trades:

Sell at 2630, target 2600, stop-loss 10 points.

Buy at 2590, target 2620, stop-loss 10 points.

Sell from 2650 to 2680, defend at 2710 for additional short positions, stop-loss 50 points, target 2600 to 2550, and if broken, look at 2500.

Buy from 2550 to 2530, defend at 2490 for additional long positions, stop-loss 50 points, target 2600 to 2650, and if broken, look 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, so the suggestions are for reference only, and risks are to be borne by you.

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 are not real-time and are for reference only. Risks are to be borne by you. Please indicate the source when reprinting. Manage your positions reasonably and avoid 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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