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Crypto Scholar: October 29, 2024 Ethereum (ETH) Latest Market Analysis Reference

The current price of Ethereum is 2510. It is now 4 AM Beijing time. Let's review yesterday's thoughts. The short position at 2530 and the defense point at 2570 were not reached. The pullback came close to 2480, with only a 50-point space, so there is no rush to exit; you can continue to hold. The goal is to minimize losses and maximize gains. Although the overall trend is an upward channel, it belongs to a descending flag pattern. You can make a defensive top-up at 2570, and after entering, set a stop loss. The short position remains unchanged at the major trend resistance level.

The daily K-line had a high of 2545 and a low of 2470. Pay attention to the top resistance levels at EMA15 (2540) and EMA60 (2570). MACD shows a decrease in volume, with the DIF and DEA continuing to spread downwards. The DIF is already close to the 0 axis, and the Bollinger Bands are contracting, with the mid-band resistance at 2545 and the lower band support at 2350. The overall trend remains in a consolidation phase; it is difficult to start a rally without breaking the mid-band.

The four-hour K-line has oscillated upward, breaking the EMA trend indicator before being pushed down to the EMA30 trend line at 2510. The overall EMA trend is still a downward mesh expansion trend. MACD shows a decrease in volume, with the DIF and DEA continuing to spread below the 0 axis. The upper Bollinger Band resistance is at 2530, and the mid-band support is at 2485. The box is clearly contracting, and a directional choice will appear soon. Pay attention to the key resistance and support levels.

Short-term reference: Safety first. Remember that the market is never 100% certain, so always set a stop loss. Safety first; minimizing losses and maximizing gains is the goal.

For the upper side, hold the short position at 2530, with a defense at 2570 for a top-up short, stop loss at 50 points, and target looking at 2480 to 2440. If broken, look at 2400.

For the lower side, go long from 2400 to 2380, with a defense at 2340 for a top-up long, stop loss at 2300, and target looking at 2450 to 2500. If broken, look at 2550.

Specific operations should be based on real-time market data. For more information, you can consult the author. The article may have a delay in publication, so it is suggested for reference only, and risks are borne by the reader.

This article is exclusively contributed by the Crypto Scholar and represents the scholar's unique views. 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. 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 Crypto Scholar wishes you happy investing!

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