Crypto Circle Scholar: Is the short-term support for Ethereum at 5.7 effective? Bulls will charge ahead! Latest market analysis reference
Current price of Ethereum is 1785, and it's 3:30 AM Beijing time, has everyone entered the market? Yesterday I mentioned that the pullback at 1780 was not deep enough and advised everyone to observe, waiting for a deeper dip before entering. How is it now? Before this article was published, Ethereum's lowest was 1750, the depth is sufficient to enter the market now, with a target above 1820, no need to be too greedy. Such divergence situations will often occur with rapid declines and quick stretches, so setting up profit-taking and stop-loss is the safest approach.
Daily K-line peaked at 1820 and bottomed at 1750. The K-line broke through the EMA trend indicator support for the first time in over half a month, probing the bottom at 1750, and the lower shadow line is relatively standard, a typical sign of major players unloading. In the short term, it’s the retail investors' stage now. The MACD has had continuous top divergence for a long time, and the K-line has been slowly increasing in the channel. The upper Bollinger band is still at 1940, and the mid-band has also stretched to 1750. The short-term support is effective, and long positions can be held.
Whether the four-hour K-line will form a morning star remains to be seen, but at least we have entered before it takes shape. EMA120 supports 1770, as long as it holds, the bulls will continue to stretch towards the trend high of 1810. There's no hurry for now. The MACD has been continuously contracting, and the DIF and DEA have not yet exited the energy indicators. The K-line has been continuously probing the Bollinger band lower support at 1770, starting to pull back upwards. Pay attention to the mid-band at 1813 and the upper band at 1855, the two main profit-taking points. As long as it doesn’t break, bulls can take profits.
Short-term reference: Safety first, remember that the market is never 100% certain, so always carry a stop-loss. Safety first, small losses with big gains is the goal.
Northern trial entry point is from 1760 to 1780, with a defense at 1740, a stop-loss of 30 points, and a target of 1800 to 1840, with a break looking at 1870.
Southern trial entry point is from 1830 to 1850, with a defense at 1870, a stop-loss of 30 points, and a target of 1800 to 1790, with a break looking at 1760.
Specific operations are based on real-time market data. For more details, you can consult the author. The publication of the article has a delay, and the advice is for reference only. Risks are borne by oneself. $ETH