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Scholar in the cryptocurrency circle: 2024.10.22 Ethereum (ETH) latest market analysis reference

The current price of Ethereum is 2640. It is now 12:35 PM Beijing time. Let's review the market. Yesterday, it was mentioned that Ethereum had reached a critical resistance level, and we could pay attention to the neckline level of 2750 for a short position, with a modest target of taking profit at 2700. The daily K-line shows a double top formation, and after a false break of the EMA120, it directly retested the EMA90, indicating that there is indeed strong resistance at 2800. In the short term, the main force will need a deeper pullback to attempt another push towards 2800.

We see that the daily K-line directly retested the support point of EMA90 at 2660 yesterday. After the market opened at 8 AM today, it further broke below EMA90 and began to challenge the exchange point of EMA15 and 60 at the support of 2585. The MACD volume is decreasing, and the DIF and DEA just crossed above the 0 axis and are starting to contract again. The upper Bollinger Band was also falsely broken before starting to retest above the middle line of the Bollinger Band. The KDJ has formed a death cross, and overall, the trend shows a 50-50 split between bulls and bears, indicating signs of high-level consolidation.

Now let's look at the four-hour K-line, which has formed a downward channel. After breaking below the EMA15 support at 2670 yesterday, it attempted to push up again with little effect, dropping all the way to the EMA60 support at 2612. The MACD shows a top divergence with decreasing volume, and the DIF and DEA are expanding downwards from a high position. The K-line has broken below the middle line of the Bollinger Band at 2670 and has entered a downward channel. The KDJ has prevented the K-line from further declining and is starting to contract. In the short term, the support at 2610 is effective, and the market is beginning to form a flag pattern. The overall trend is entering a short wave, and in the short term, we are looking for a pullback. If the support point tests again without breaking, we can start to try long positions. If the neckline level of 2670 is not broken, we can try short positions.

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

For short positions, sell from 2670 to 2690, with a stop-loss of 30 points, targeting 2640 to 2600, and if broken, look at 2585.

For long positions, buy from 2580 to 2600, with a stop-loss of 30 points, targeting 2650 to 2680, and if broken, look at 2710.

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 the reader.

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 may not be real-time and are for reference only. Risks are to be 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. Don't 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 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 scholar in the cryptocurrency circle wishes you happy investing!

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