Cryptocurrency Circle Liying: Optimistic about the rebound on November 6! Ethereum's low support at 2400 is worth paying attention to! Latest market analysis

Article published on November 6, 2024 — 07:30 AM

Ethereum reached a high of 2480 yesterday, currently priced at 2430. The overall price has suddenly surged and dipped, and objectively analyzing the current K-line pattern, Liying notes that there is significant volatility in the high-level oscillation. On the 4th, a long lower shadow indicated strong support, and the K-lines on the 5th and 6th show signs of a rebound, but the pressure above remains evident.

The technical indicator MACD shows that the current DIF and DEA are close to the zero axis, and the MACD histogram has turned from negative to positive, indicating a potential slight rebound in the short term. The relative strength index (RSI) hovers around 40, not entering the overbought or oversold zones, with market sentiment being neutral to weak. For intraday trading, it is suggested to take short positions at resistance levels.

The trend indicator EMA7 is below EMA30 and EMA120, indicating a continued bearish short-term trend, but EMA7 is gradually flattening, showing signs of stabilization. The trading volume has decreased alongside the price drop, indicating heavy selling pressure, followed by a reduction in trading volume, leading to increased market wait-and-see sentiment. The market is forming a contraction trend at the bottom, and Liying's strategy is to trade sideways at low levels, oscillating around 2400 with limited fluctuations of only a few dozen points.

Short-term strategy reference:

Long position at 2400, stop loss at 2350, take profit at 2500.

Short position at 2480, stop loss at 2530, take profit at 2400.

Reason: The low long strategy is based on the support level at the previous low integer point, with defense at the key trend support. The high short strategy is chosen at the high-pressure level, with defense at EMA120; if this pressure level is broken, a bullish trend will form. Liying aims for stability, approaching it in any way possible. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above is Liying's brief analysis of the current market situation for investors' 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 help others with dreams find their place in this ever-changing market and embark on their own successful journey.

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