Cryptocurrency Circle Liying: 10.21 Bullish Power Awakens! Ethereum Makes a Comeback to 2700, Are You Ready? Latest Market Analysis

Article Published on 2024.10.21—01:00 AM

On Sunday night, the market surged, and Ethereum rarely took the lead in the cryptocurrency space, breaking through 2700 and directly hitting the key resistance level of 2720. It has now been pushed back below the 2700 mark, but the overall trend remains bullish. It is not advisable to hold short positions for too long; it is better to take profits when possible. Focus on waiting for key support points to accumulate positions, as trading should follow the trend.

Looking at the market, Liying is still analyzing the price trend. The current candlestick pattern is fluctuating within the range of 2600 to 2700, forming a consolidation pattern. On the daily chart, several small bullish candles with long lower shadows indicate that there is some support below. The support is effective, and in the 4-hour MACD cycle, both DIF and DEA are above the zero axis, with the MACD histogram turning from negative to positive, indicating that bullish strength is increasing in the short term.

The current Relative Strength Index (RSI) is 64.12, close to the overbought area but not in extreme overbought territory, showing that there is still room for upward movement. The trend indicator EMA shows the current price is above EMA7 and has broken through EMA30, indicating a bullish short-term trend. EMA120 is far below the current price, and the long-term trend remains upward. Additionally, the current trading volume has significantly increased, indicating heightened market activity. After a volume increase, one should be cautious of potential pullback pressure, but the overall trading volume supports a continued price rise, so pullbacks represent the opportunities Liying refers to.

Short-term Strategy Reference: (Bullish)

Long Entry at 2650, Add Position at 2600, Stop Loss at 2570, Target at 2750

Short Entry at 2750, Add Position at 2800, Stop Loss at 2830, Target at 2650

Reason: Following the trend naturally adopts a low-risk long strategy, and Liying believes in being steady. The content of this article is time-sensitive and for reference only; risks are to be 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 help others with dreams find their place in this ever-changing market and embark on their own successful journey.

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