Cryptocurrency Market Analysis by Liying: Ethereum Bullish Trend on December 4, but Bearish Pressure is Rising! Where is the Key? Latest Market Analysis
Article Published on December 4, 2024 - 02:10 AM
The current price of Ethereum is 3575. The market is reversing again; have you boarded? Yesterday, Liying suggested entering at 3500 and taking profits at 3600, marking another precise strike. It can be said that we entered at the day's lowest point and exited at the highest. There’s no rush; this week is a non-farm payroll week, and market fluctuations are significant. Similarly, the probability of the main force reversing to catch the dip is higher. Be patient and wait for a pullback before entering. Currently, this position carries risks for both bulls and bears.
Liying continues to analyze from a price trend perspective. The current candlestick pattern is still oscillating at a high level, with multiple long upper shadows indicating heavy selling pressure above, which is a normal phenomenon. The daily candlestick chart shows two consecutive days of bearish candles on the 2nd and 3rd, indicating a bearish market sentiment in the short term. The larger trend remains bullish, so we should wait for further bottoming before continuing to enter long positions. The MACD technical indicator on the 4-hour cycle shows the fast and slow lines crossing downwards and moving away from the zero axis, indicating short-term pullback pressure.
The Relative Strength Index (RSI) has retreated from the overbought zone and is currently in a neutral area, but we must remain vigilant about the possibility of further declines. The trend indicator EMA shows the current price has fallen below EMA7 and EMA30, approaching EMA120. If it continues to decline, EMA120 will become an important support level. Coupled with increased trading volume alongside price declines, this indicates strengthening selling pressure. The market has a high probability of breaking previous lows to seek strong support. The larger trend is bullish, while the short-term trend is bearish, so we should wait for opportunities to focus on low long positions with short positions as a supplement, ensuring proper risk management.
Today's Latest Reference Points
- Long Entry: 3500, Add: 3450, Stop: 3400, Target: 3650
- Short Entry: 3700, Add: 3750, Stop: 3800, Target: 3550
The above analysis by Liying is based on market data and trend analysis and does not constitute investment advice. It is for reference only. 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.
The content of this article is time-sensitive and for reference only; risks are borne by the reader.
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