Cryptocurrency Circle Liying: 10.20 Ethereum Consolidates Over the Weekend, Yet Hides Opportunities for an Upcoming Explosion! Latest Market Analysis

Article Published on 2024.10.20—02:30

The weekend consolidation has basically been confirmed, and all that’s left is to wait it out. Unlike last weekend's one-sided market movement, which is a rare occurrence, most of the time, like this week, it’s sideways. The reason is simple: the main players have harvested profits and are now popping champagne, resting, and indulging in a dreamlike state. At this time, everyone has defaulted to the market trend, and no one is stirring up trouble because standing out now is likely to lead to liquidation by the main players. So let the market consolidate, let others do their thing, and let yourself do yours.

Liying will first provide a reference based on price trend analysis. Firstly, the K-line pattern on the order book is fluctuating within the range of 2600 to 2650, forming a narrow consolidation pattern. The previous high of 2663 and the low of 2630 constitute short-term resistance and support. The technical indicator MACD shows that both DIF and DEA are negative and gradually converging, indicating a weakening of bearish strength, which may lead to a golden cross signal. Under the unchanged bullish trend, a new round of one-sided movement may occur.

The current Relative Strength Index (RSI) is at 56.70, in a neutral zone, not entering overbought or oversold conditions, indicating that the market currently lacks a clear trend direction. The trend indicator EMA7 is close to the current price, while EMA30 and EMA120 are in a bullish arrangement, suggesting that the long-term trend still leans upward. Additionally, the current trading volume has significantly decreased, indicating a strong wait-and-see sentiment in the market. The previous few K-lines accompanied by increased volume show some buying support, so the overall trend has a certain advantage for bulls. The strategy is more inclined towards a primary focus on low buying and a secondary focus on high selling.

Short-term strategy reference: The bullish trend remains unchanged, but it is consolidating intraday.

Buy point at 2600, add position at 2570, stop loss at 2540, target 2700.

Sell point at 2700, add position at 2730, stop loss at 2760, target 2600.

Reason: The larger trend is still bullish. Rational thinking and reasonable layout are essential. The content of this article is time-sensitive and for reference only; risks are 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 unpredictable market and embarking on their own successful journey.

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