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Crypto Scholar: October 18, 2024 Ethereum (ETH) Latest Market Analysis Reference

The current price of Ethereum is 2600. It is now 8:30 AM Beijing time, and the daily candlestick has just closed. We can see that a symmetrical triangle flag pattern has appeared on the daily chart, and it is currently in the contraction phase. Since today is Friday, if the market does not show a clear direction today, the market will continue to consolidate this week, and the trading range will only get smaller, compressing the operational space, making trading meaningless.

The daily candlestick has been consolidating between the EMA90 resistance level of 2660 and the EMA60 support level of 2570. The EMA15 and EMA30 are alternating and contracting upwards. The MACD has ended its volume increase, and the divergence between DIF and DEA has ended. The bulls are facing strong pressure, and the end of the divergence does not mean the bulls will open up; instead, it forms a new resistance point, increasing the probability of bull exhaustion. The Bollinger Bands are contracting, with the upper band pressure level dropping to 2690, and the middle band resistance point is also spreading downwards to 2488. The KDJ is contracting, and the bears should pay attention to the key support level at the bottom; if it breaks, it may open up a bearish trend.

The four-hour candlestick shows a more obvious symmetrical triangle trend. The EMA30 trend indicator support point at 2577 is exactly at the symmetrical triangle support point. The MACD shows a top divergence with decreasing volume downwards, and the DIF and DEA are continuing to spread downwards from a high position. The KDJ is contracting upwards, indicating that the consolidation will continue in the short term, and the market is still in the triangle contraction phase. Be prepared for both scenarios; trade within the range. Whether the pressure point or support point breaks, trade in the direction of the trend.

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 2640, target 2600, stop-loss 20 points.

Buy at 2580, target 2620, stop-loss 20 points.

Short-term strategy:

If the upper range of 2640 to 2650 breaks, go long, target 2700 to 2750, and if it breaks, look for 2800, stop-loss 30 points.

If the lower range of 2570 to 2550 breaks, go short, target 2500 to 2450, and if it breaks, look for 2400, stop-loss 30 points.

Specific operations should be based on real-time market data. For more information, you can consult the author. The publication of this article may be delayed; it is suggested for reference only, and risks are borne by the reader.

This article is exclusively contributed by the Crypto Scholar and represents the scholar's unique views. 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 views 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 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 and follow 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 comes 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 happen unexpectedly. Develop the habit of strictly setting stop-losses and take-profits for each trade. The Crypto Scholar wishes you happy investing!

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