Cryptocurrency Market Analysis by Liying on November 2: The Hidden Rebound Amidst Fluctuations: Ethereum at Risk of Falling Below 2500! Latest Market Analysis

Article Published on November 2, 2024 - 01:30 AM

Ethereum is currently priced at 2515. Yesterday, Liying's strategy did not capture either the bullish or bearish sentiment. Ethereum remains unchanged, with no urgent expectations from either side. Even with the non-farm payroll report, Ethereum has not broken through 2600; it only tested that level briefly before forming a long upper shadow, which is a typical indicator of a false bullish signal. A pullback is expected later, but Liying anticipates that the intensity of the pullback will not be urgent.

First, analyzing the price trend, the current candlestick pattern shows fluctuations within the 2500 to 2600 range, forming a consolidation pattern. Additionally, there is significant selling pressure near the previous high of 2647, and the current price has failed to break through this area, indicating severe consolidation sentiment. The technical indicator MACD is currently in the negative zone, with both DIF and DEA trending downward, indicating strong bearish momentum, although it is converging. The bullish side is also converging.

The Relative Strength Index (RSI) is around 40, leading Liying to judge that there may be a short-term rebound demand. Attention should be paid to the upper trend line. The trend indicator EMA shows that the short-term EMA7 is below the medium to long-term EMA30 and EMA120, indicating an overall weak trend. The current price is slightly below EMA7, which may face some pressure. Although market activity has increased, trading volume is gradually decreasing. Liying judges that both bulls and bears are temporarily on the sidelines and suggests waiting for new directional guidance.

Today's Latest Reference Points: Swing Trading

• Long Entry Point: 2480, Add Position Point: 2450, Stop Loss: 2420, Target: 2550
• Short Entry Point: 2550, Add Position Point: 2580, Stop Loss: 2610, Target: 2480

Reasoning: The consolidation market has entered a range, and there is no entry for swing trading in the short term. Do not set stop losses too wide; if they are too large, it is advisable to remain on the sidelines. Safety first. For practical results, you can check with Liying. The content of the 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; it does not constitute investment advice. It is provided 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 assist others with dreams in finding their place in this unpredictable market and embarking on their own successful journey.

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