Crypto Circle Scholar: Will Ethereum continue its comeback on May 12? Unlimited Opportunities! Latest Market Analysis Reference
Current price of Ethereum is 2520, it is now 4 AM Beijing time, and we took a break over the weekend. Let's first review the situation: After the daily K-line broke 2600, the main force started to sell off, and the daily pressure point has fallen below the 0.382 Fibonacci retracement level. Overall, the upward adjustment has not yet ended, and the bulls are still in the power phase. The previous article also mentioned that breaking 2490 would continue to stretch the bulls. Now the first resistance point has appeared, so a pullback will also occur, and one can wait for this pullback to enter the market.
The highest daily K-line is 2610, the lowest is 2430. The EMA trend indicator has just begun to contract upwards, which means that 2600 is not a critical point. The early stretch was too fast, and the K-line is just waiting for the trend to converge before continuing to exert force. The main force is also planning to reverse and take in new participants. MACD volume is increasing, and the DIF and DEA have broken the 0 axis but have not yet exited the energy indicator. The K-line's pullback is supported by the upper Bollinger Band at 2430, showing a bullish trend with three consecutive touches and an expanding opening. Pay attention to the daily closing situation after 8 AM; as long as it does not break 2580, the short-term pullback has basically been confirmed. If it breaks, it will continue the upward adjustment wave.
The four-hour K-line shows a top divergence trend, especially after the surge to 2600, it began to pull back. The K-line has reached the EMA15 support point at 2410, and the MACD has also ended its volume increase, starting to shrink downwards. The DIF and DEA have formed a death cross. This kind of top divergence trend is not suitable for chasing the rise at the current price due to high risk. The upper Bollinger Band has encountered resistance and is at 2650, while the middle band focuses on 2370. Currently, the long and short positions are forming a tug-of-war. What we need to do now is wait for the market to return below 2400 before starting to position ourselves; it is best to observe before that.
Short-term Reference:
Potential entry point at 2315, Fibonacci 23.6% retracement level, stop loss placed at 2290, do not place it too far. If this position breaks, there is a high probability of hitting 2000.
Potential exit point at 2660, this position is the Fibonacci 38.2% retracement level, stop loss placed at 2700. If it breaks here, the market has basically been confirmed.
Northern trial position from 2430 to 2400, defense at 2380, stop loss of 30 points, target looking at 2470 to 2500, and if it breaks, look at 2530.
Southern trial position from 2630 to 2660, defense at 2680, stop loss of 30 points, target looking at 2580 to 2530, and if it breaks, look at 2500.
Suggestions are for reference only, risk is to be borne by oneself $ETH