Cryptocurrency Circle Liying: Is October 24 a Good Bottom-Fishing Opportunity? Ethereum at 2420 as Key Support, Is a Rebound Imminent? Latest Market Analysis

Article Published on 2024.10.24—01:30 AM

The current price of Ethereum has fallen below 2500. Comparing the ideas provided yesterday with the current market situation, it is now clear. During the trading session, I mentioned that 2630 was struggling to break through, and I suggested taking a small profit above 2600 and going short, targeting 2500, with a breakdown looking at 2450. Although the market just dipped below 2500 before this article was published, the strategy remains valid. The break below 2600 has triggered panic, even leading to a one-sided sell-off. Let’s take a look at Liying's analysis.

First, let’s analyze the price trend. Currently, the K-line pattern has dropped from a high of 2747 to 2480, forming a clear downward trend. The daily K-line shows consecutive bearish candles, indicating heavy selling pressure and increasing market panic. In the technical indicators, the MACD on the 4-hour cycle shows both DIF and DEA below the zero axis, and the MACD histogram is negative, indicating enhanced bearish momentum and continuation of the downtrend.

The current Relative Strength Index (RSI14) is at 20.83, in the oversold range, suggesting a potential short-term rebound, but overall it remains weak. The trend indicators show that the price has fallen below the EMA7, EMA30, and EMA120, indicating a strong downward trend, with EMA moving averages in a bearish arrangement. Additionally, the trading volume has increased, especially on the 23rd, indicating heightened market activity and fierce competition between bulls and bears. A significant drop in volume typically suggests further adjustments may occur in the future, so it is important to focus on the support around 2420. If this support holds, one can continue to go long at this level and consider shorting at higher levels.

Today's Latest Reference Points:

Long Entry at 2400, Add Position at 2350, Stop Loss at 2320, Target at 2550

Short Entry at 2550, Add Position at 2600, Stop Loss at 2630, Target at 2450

Reason: Approaching the previous key support level of 2400 is likely to attract buying interest, creating a dense area. There is significant resistance near EMA7 above, with selling pressure at the swing high. Safety first; for practical results, you can check with Liying. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above analysis by Liying 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, 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 unpredictable market and embark on their own successful journey.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。