Cryptocurrency Circle Li Ying: November 1st, Bone-Chilling Cold! Ethereum's Downward Trend Continues, Will There Be a Counterattack or Further Decline? Latest Market Analysis

Article Published on November 1, 2024 — 03:00 AM

Ethereum's current price is 2523. Let's review: Li Ying's actual trading students suggested over 2550, defending 2500 to add more positions. If it breaks below 2500, they won't hold on any longer. Currently holding, from the peak of 2720 to 2500, this has been a typical liquidation wave that caught Li Ying off guard. If it pulls back and doesn't break 2570, Li Ying will also choose to exit and won't hold for long. Overall, the trend of Ethereum is too weak and below expectations.

Looking at the market, the current K-line pattern shows a decline, forming a short-term downward trend. On the daily K-line, October 31st closed with a long upper shadow bearish candle, indicating heavy selling pressure above, clearly pulling back down. It has consecutively broken through the two major support points of 2600 and 2550, reaching the critical point above 2500. The technical indicator 4-hour MACD shows that both DIF and DEA are moving downwards, and the MACD histogram is negative, indicating that short positions dominate in the short term, suggesting that there is a high possibility of further probing down to 2500. When going long, one must have safety awareness and set stop-losses.

The Relative Strength Index (RSI14) is at 37.37, close to the oversold area but not yet entered, indicating a potential rebound demand. The trend indicator EMA shows that the current price is below EMA7, 30, and 120, indicating significant pressure from short-term, medium-term, and long-term moving averages. The trading volume has significantly increased, and Li Ying judges that panic sentiment may spread. Those who have not entered can wait for a more suitable entry point, while those who have entered should be cautious and hold patiently.

Today's latest reference points: Short on highs and long on lows, a conventional trading approach.

Long entry point at 2450, add position at 2400, stop-loss at 2370, target at 2600.

Short entry point at 2600, add position at 2650, stop-loss at 2680, target at 2500.

Reason: The first long entry point has strong support, and the second position is at a round number. The first short entry point is near the EMA7 pressure level and also at a round number, while the second entry point has strong selling pressure at the previous high. Ensure 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 from the market, for reference only, and does not constitute investment advice. For family members' reference. Over the past ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. Throughout 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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