Cryptocurrency Circle Li Ying: After the fluctuation and correction on October 23, is the low long opportunity for Ethereum here? Latest market analysis

Article published on 2024.10.23—01:00

The current price of Ethereum is 2610, and the back-and-forth liquidation of long and short positions has ended. What remains is a sideways contraction. Yesterday, Li Ying provided an entry point at the 2600 mark, which was reached, but the target of 2700 is difficult to achieve. Before publication, the highest point only reached 2670. The key support level has been reached and not broken, indicating that the bullish trend is still intact. It is still not suitable for short positions, and the low long strategy remains unchanged.

Looking at the market, first, Li Ying analyzes the price trend. Currently, the K-line pattern in the market shows a pullback at a high level, forming a short-term downward trend. This is a normal process of adjustment and digestion by the main force, which is a normal phenomenon. The daily K-line has recorded three consecutive days of bearish candles from the 20th to the 22nd, indicating that the previous one-sided bullish market is losing momentum, which is a normal pullback. In the technical indicators, the MACD in the 4-hour cycle shows that both DIF and DEA are moving downwards, and the MACD histogram is negative, indicating that the correction has not yet ended. After confirming support, a new round of upward movement is expected to begin.

The relative strength index (RSI) is currently around 40, not entering the overbought or oversold zone, but close to the oversold area, indicating limited bottom space. The trend indicator EMA shows that the current price is below EMA7 and EMA30 but slightly above EMA120, indicating a weak short-term trend, while the medium to long-term still has support. The bullish trend has not ended. Additionally, the trading volume increased on the 21st and then gradually decreased, indicating that market sentiment has cooled down, and the main force is digesting the gains from previous days. In the recent trading sessions, the trading volume has been relatively stable, with no significant signs of expansion or contraction. Therefore, the low long strategy can be effectively laid out, and it is advisable to wait for clear resistance levels before considering short positions.

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: Approaching previous low points, the integer level may form support near EMA120, with strong long-term moving average support. There is selling pressure in the previous high point area. 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 and hopes to help others with dreams find their place in this unpredictable market and embark on their own successful journey.

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