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Cryptocurrency Scholar: October 23, 2024 Ethereum (ETH) Latest Market Analysis Reference

The current price of Ethereum is 2623. It is now 1:30 AM Beijing time. Before the article was published yesterday, the price of Ethereum was 2640. After some fluctuations, the market has returned to this position. Looking ahead, Ethereum has just experienced a back-and-forth washout, and now it is in a normal accumulation phase after the washout. The market is expected to continue to consolidate and accumulate.

Looking at the current market, the daily K-line has a high of 2670 and a low of 2606. The daily K-line has two consecutive bearish candles that broke the EMA90 support, which has now turned into a resistance level at 2660. Below that is the exchange point of EMA15 and EMA60 support at 2580. The MACD volume is decreasing, and the DIF and DEA are contracting at a high level, indicating a gradually clear short trend. The K-line has also retreated from the upper resistance point of the Bollinger Bands at 2755, with the middle support point to watch at 2520. The KDJ has formed a death cross downward, further clarifying the bearish momentum.

The four-hour K-line is blocked at the EMA60 support point of 2615, and the trend is starting to weaken. The MACD is reducing volume and accumulating, preventing the DIF from breaking below the 0 axis. However, it is important to remember that continuous retests of support make it difficult for that support to hold. The lower Bollinger Band support is at the key level of 2600. The KDJ has started to contract after being blocked in the short term. Overall, there is a trend of rebound appearing, and it is advisable to wait for the market to adjust to the pressure level before starting to position for shorts. In the short term, it is best to stay on the sidelines.

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

Short positions at 2670 to 2690, stop-loss 30 points, target 2640 to 2600, break below 2585.

Long positions at 2580 to 2600, stop-loss 30 points, target 2650 to 2680, break above 2710.

If the 2580 to 2600 support is lost, short positions, stop-loss 30 points, target 2530 to 2500, break below 2470.

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 borne by the reader.

This article is exclusively contributed by the Cryptocurrency Scholar and represents the scholar's unique perspective. 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 views and suggestions may not be real-time and are for reference only. Risks are 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. Do not 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 and follow 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 occur unexpectedly. Develop the habit of strictly setting stop-losses and take-profits for each trade. The Cryptocurrency Scholar wishes you happy investing!

Stay calm, not trapped by emotions. Only by strategizing can you win from a distance. In a vast sea of options, take only what you need. Do not be greedy or combative. Maintain control and operate steadily; that is the wise way to invest.

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