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Scholar in the cryptocurrency circle: Latest market analysis reference for Ethereum (ETH) on November 1, 2024.

The current price of Ethereum is 2523. It is now 4 AM Beijing time. I mentioned yesterday that the short position at 2720 has already been entered. Currently, there is a 200-point space that can be taken at any time. There is no rush; the market has not finished moving yet, and there is room for a pullback. A pullback near 2570 will continue to be a short position. This is a cup-and-handle pattern, and the resistance for the pullback is also at this position. Those who haven't entered can wait for a high position to continue shorting. For more practical entry details, please consult me. The specific reasons have been clearly stated regarding Bitcoin, so I won't elaborate on Ethereum. Let's look at the market.

The daily K-line shows a high of 2660 and a low of 2500. It can be said that the market has moved for a few days this week, returning to the starting point in one day, directly breaking the trend support at 2550 from EMA90 and entering a bearish trend. The MACD also expanded for one day and then began to contract downwards. The DIF and DEA golden cross just formed and then turned back into a dead cross. As long as the closing price does not break 2550, the dead cross will be formed. The Bollinger Bands are contracting, and the K-line has directly broken the middle track at 2580. The lower track support is referenced at 2420, which can be considered as a take-profit point for short positions. It can be said that after breaking 2500, everyone can freely take profits.

The four-hour K-line shows a door pattern, and the cup-and-handle shape has not yet formed the cup mouth. After breaking the EMA trend line, there will be a small range pullback. Pay attention to the trend resistance at EMA120, which is at 2565. The MACD is contracting downwards, and the DIF is already close to the 0 axis trending downwards, with the DEA also expanding downwards. Currently, the four-hour K-line has touched the lower track support of the Bollinger Bands at 2510. The short-term support is effective, and we will look at the strength of the rebound. The strategy is to continue shorting after the rebound, and only enter long positions after clear support is established.

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

For the upper range of 2720 to 2700, hold the short position with a target of 2500 to 2450. If broken, look at 2400.

For the upper range of 2565 to 2575, short with a stop-loss of 30 points, targeting 2520 to 2480. If broken, look at 2430.

For the lower range of 2400 to 2430, go long, defending at 2350 to 2320 to add to the long position, with a stop-loss of 50 points, targeting 2470 to 2520. If broken, look at 2560.

Specific operations should be based on real-time market data. For more information, please consult me. The publication of this article may be delayed, and the suggestions are for reference only; risks are borne by the reader.

This article is exclusively contributed by the scholar in the cryptocurrency circle and represents the scholar's unique viewpoint. 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 viewpoints 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; 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 scholar in the cryptocurrency circle wishes you happy investing!

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