Cryptocurrency Circle Li Ying: Ethereum's Recovery Dream Shattered on 11.20, Can a Short-Term Rebound Be Achieved? Latest Market Analysis

Article Published on 2024.11.20 ---- 01:00 AM

The current price of Ethereum is 3112. Just yesterday, it was said that Ethereum had recovered, but then it couldn't move up anymore, just a wave of a thousand-year turtle, which has deeply hurt the hearts of cryptocurrency enthusiasts. On-chain data shows that there are many large holders accumulating positions between 3500 and 4000. If this wave cannot push up, the mentality of these people is likely to collapse as predicted by Li Ying, as they all entered at high positions on May 20, especially with a majority of spot positions. If there is another large-scale fluctuation that washes back to 2500, it is expected to wash out some before stretching again.

Looking at the current price trend, the K-line pattern on the order book is oscillating at a high level, with certain pullback pressure. There was a rapid rise earlier, and it is currently in an adjustment phase. The technical indicator MACD: both the current DIF and DEA are negative, but the MACD histogram shows that bullish momentum has somewhat increased, indicating a possible short-term rebound. The box market is difficult to predict for both bulls and bears; right now, it is about laying out the box's resistance and support levels. However, from the perspective of Ethereum's contracting market, we can only wait; if it doesn't reach, we continue to wait.

The Relative Strength Index (RSI) is close to 50, indicating that the market currently has no obvious overbought or oversold conditions, and the trend is unclear. The trend indicator EMA price is currently hovering below EMA7, above EMA30 and EMA120. It is weak in the short term but still maintains a bullish pattern in the medium to long term. Trading volume has decreased, and market sentiment is cautious. Yesterday saw a volume increase followed by a gradual shrinkage in trading volume. Therefore, the market should focus on two major support points: the first is 3100, and the second is the previous low support at 3020, with the upper pressure level at 3250.

Today's Latest Point of Reference

Long Entry at 3050, Add at 3000, Stop at 2950, Target at 3150

Short Entry at 3200, Add at 3250, Stop at 3300, Target at 3050

The above analysis is based on market data and order book trend analysis by Li Ying and does not constitute investment advice. For reference only. 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.

The content of this article is time-sensitive and for reference only; risks are borne by the reader.

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