Cryptocurrency Circle Li Ying: Waiting for the Bottom Signal on December 3rd! Will Ethereum's psychological defense line of 3500 be broken? Latest Market Analysis

Article published on December 3, 2024 - 01:45 AM

Ethereum's current price is 3596. Let's review yesterday's article where Li Ying advised everyone not to rush to exit. This wave could break the previous high and reach 3765. Has it shattered illusions? Although the main force has started to take profits and clear long positions, it doesn't matter how we liquidate our entry point. Since the key support of 3700 has been broken, there's no need to hold on; it's better to exit first and consider re-entering after the next bottoming out. The major support level is clear to everyone, indeed it is the psychological defense line above 3500. Let's take a look at the market.

Li Ying continues to analyze from the price trend perspective. The candlestick patterns in the market are oscillating at high levels, with multiple long upper shadows indicating heavy selling pressure above. The main force has clearly started to take profits. The most recent candlestick is a bearish one, having broken the previous low support, indicating short-term downward pressure. Once the pullback ends, the technical indicators show that both DIF and DEA in the MACD are diverging downwards, and the MACD histogram has turned from positive to negative, indicating an increase in bearish strength. The possibility of a deep bottoming out in the short term is increasing, and our opportunity is coming soon.

The Relative Strength Index (RSI) has fallen from the overbought zone and is currently in a neutral to weak area, showing a decrease in upward momentum as the main force begins to liquidate long positions. The trend indicator EMA shows that the current price has fallen below EMA7 and is approaching EMA30. If it continues to decline, it may test the support of EMA120. Additionally, the trading volume has increased significantly, indicating strong market selling sentiment. Currently, we are still at a relatively high level, so we need to be cautious of further downside risks. Therefore, it is advisable to wait for a clear support level after the bottoming out before re-entering, continuing to focus on long positions while temporarily not considering shorts.

Today's latest reference points:

Long entry at 3500, add at 3450, stop at 3400, target at 3650.

Short entry at 3700, add at 3750, stop at 3800, target at 3550.

The above analysis is based on market data and trend analysis from the market, 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 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, Li Ying feels a responsibility to share her insights, hoping to help others with dreams find their place in this unpredictable market and embark on their own journey to success.

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

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