Cryptocurrency Circle Liying: On October 26, Ethereum market sentiment is cautious, approaching previous lows. Can the support hold? Latest market analysis.

Article published on 2024.10.26—02:00

The current price of Ethereum is 2470, having dropped below 2500 before publication. The market has not broken the key resistance level and is continuously testing the strength of the support below. Fortunately, Liying's short position at 2550 yesterday captured a good range, with the lowest point before publication reaching 2450. Congratulations to everyone on this 100-point range. Looking at the market, Liying's strategy remains a low-buy approach, so a long position was entered at 2460. The stop loss is not significant; if it breaks below 2440, we will exit. The reasons are as follows:

First, from the price trend analysis, the current K-line pattern is fluctuating within the 2500 to 2600 range, showing an overall downward trend. The daily K-line shows multiple long upper shadows, indicating heavy selling pressure above. The technical indicator MACD on the 4-hour cycle shows both DIF and DEA are negative, and the MACD histogram continues to be below the zero axis, indicating that bearish strength is dominant, but there are signs of convergence.

The current Relative Strength Index (RSI) is around 36, close to the oversold area, indicating a short-term rebound demand. The EMA price is below EMA7 and is gradually approaching EMA30, showing short-term weakness; EMA120 is far above the current price. The trading volume has recently increased in several 4-hour K-lines, especially during price declines, indicating increased market selling pressure. The daily trading volume peaked on the 23rd and has slightly retreated, showing that market sentiment is becoming cautious. Overall, the market is still in a consolidation phase, so the strategy of buying low and selling high is not wrong. The approach of buying on dips and selling on highs can continue to be used until small losses are cleared.

Short-term strategy reference: (Bullish)

Long entry at 2460, add position at 2410, stop loss at 2380, target 2550.

Short entry at 2550, add position at 2600, stop loss at 2630, target 2450.

Reason: Approaching previous lows, there may be support; integer level support; close to recent rebound highs, there may be selling pressure. Liying seeks stability in every way possible. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above is Liying's brief analysis of the current market situation for investors' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying 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, 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.

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