Cryptocurrency Circle Li Ying: 10.22 Overbought Correction Period, Risk Intensifies! Is Ethereum Moving Towards Glory or Stepping into a Wrong Path? Latest Market Analysis

Article Published on 2024.10.22—01:30

Ethereum's current price is 2680. Last night, I started editing the article at one o'clock, providing a forward-looking idea of shorting at 2750, defending at 2800 to add to the short position, with a target of 2650. Before publishing, the lowest point reached was 2655, and this hundred-point range was managed quite steadily. The main players are still the same; every time market sentiment rises, it leads to a double kill for both bulls and bears. As soon as the shorts finish, they start harvesting the longs, making it a win-win situation for both sides. This is probably the charm of the cryptocurrency circle.

Let’s take a look at the market. Li Ying will first analyze the price trend. Currently, the K-line pattern is facing significant resistance above 2700, with multiple attempts to break through failing, forming a short-term top. The recent K-lines show longer upper shadows, indicating heavy selling pressure above. The technical indicator MACD: the current DIF is below DEA, and the MACD histogram has turned from positive to negative, showing signs of increased bearish momentum.

The Relative Strength Index (RSI) has retreated from the overbought zone and is currently near the neutral area, indicating a slight easing of market sentiment, but further downside risks should still be monitored. The trend indicator EMA price is currently below EMA7 and approaching EMA30. If it breaks below EMA30, it may accelerate the downward trend; EMA120 provides longer-term support. Additionally, the current trading volume has increased and then gradually decreased, indicating a weakening of bullish strength. The trading volume has been relatively stable recently, and this situation is accompanied by sideways movement, but it does not mean there is no volatility; there is still good space to capture.

Today's Latest Reference Points: (Bullish)

Long entry at 2600, add position at 2550, stop loss at 2520, target at 2700.

Short entry at 2750, add position at 2800, stop loss at 2830, target at 2650.

Reason: The pressure and support points at the macro trend level are good choices. Safety first; practical results can be checked with Li Ying. The content of the article is time-sensitive and for reference only; risks are borne by the reader.

The above analysis by Li Ying is based on market data and trend analysis and is for reference only, not constituting investment advice. For family members' reference. Over the past ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. In this process, Li Ying 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, Li Ying 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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