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Crypto Scholar: Ethereum (ETH) Latest Market Analysis Reference on November 2, 2024

The current price of Ethereum is 2515. It is now 4 AM Beijing time. The daily K-line's highest point is 2587, and the lowest point is 2465. Previously, after the price dropped below 2500 from 2720, you missed out on over 200 points. Before this article was published, I entered the market again at 2565, borrowing from the non-farm payrolls. Currently, I am holding. Although the market was above 2500 before this article was published, there isn't much space to go down. It doesn't hinder the situation; there's no rush. If 2500 cannot hold, the support level will inevitably fail. The reason is simple: Ethereum rises when it understands, but it also cannot move down.

Currently, the daily K-line has pulled back and slightly broken the EMA60 trend resistance level of 2570, forming a long upper shadow, a typical indicator for inducing buying. It has returned below the EMA trend indicator. The MACD's volume has decreased, and the DIF and DEA are expanding downwards from a high position, indicating that the space is compressed, making it difficult to go up or down. The Bollinger Bands are also contracting, with the middle band pressure at 2582 and the lower band support at 2430. After breaking below 2500, it is the same free fall. A large-scale market contraction means Ethereum will continue to torment people.

The four-hour K-line has a handle and an inverted cup shape, which I mentioned in my previous article. There is a pullback opportunity at the cup's mouth around 2565 for shorting. The EMA trend indicator continues to expand downwards, and the short position is not over yet. It is expected that the K-line will pull back to the upper moving average pressure level around 2550, which can be referenced. The MACD is reducing volume and increasing positions, while the Bollinger Bands are opening downwards, with the lower band support breaking below 2455. The trend continues with the previous thought: pullbacks at the upper pressure level continue to short, and around 2400, you can also start testing long positions.

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

Short positions from 2570 to 2550, with a stop loss of 50 points, targeting 2520 to 2480, and if broken, looking at 2430.

Long positions from 2400 to 2430, with a defense at 2350 to 2320 to add to long positions, stop loss of 50 points, targeting 2470 to 2520, and if broken, looking at 2560.

Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication; the suggestions are 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 perspective. 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 precision, and art rewards heart. 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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