Cryptocurrency Academician: The weekend of May 17 may welcome a volatile box range for Ethereum! Latest market analysis reference
Don't forget, the darkest moment is often just before dawn. On the path to pursuing dreams, you are never alone; you still have me.
The current price of Ethereum is 2590. It is now 2 AM Beijing time. Yesterday, when it was over 2500, I mentioned that if it fell below 2560, it would be a good point to take profits. However, the market did not move as expected. It did fall below 2560, tested the support at 2500 at its lowest, and then rebounded to break through 2600. The back-and-forth sideways movement indicates that there is reason to believe that the main force will test the Fibonacci retracement level of 0.382 support at 2430, which serves as the best entry point for long positions and the point for switching between long and short.
The daily K-line currently shows a high of 2650 and a low of 2530. The EMA trend indicator still shows a bullish trend that alternates and expands upwards. The alternation has just passed the first stage, and the MACD top divergence trend is also beginning to show signs. The volume has decreased, and the DIF and DEA have breached the energy indicators. The upper pressure level of the Bollinger Bands has expanded to 2840, and the overall trend remains bullish.
The four-hour trend shows a change, with bulls facing strong resistance, especially after the previous four consecutive candles of upward movement were reversed. The K-line has clearly started to decline, the MACD has reduced volume, and the DIF and DEA are still approaching the 0 axis. With the upper pressure level of the Bollinger Bands at 2680 and the lower support at 2500, it can be seen that the weekend's market space has been compressed. It is expected to move in a box at a high level. If the box does not break, trading can continue back and forth; if it breaks, do not hold onto the position and take the stop loss.
Short-term reference: Safety first. Remember that the market is not 100% certain, so always set good stop losses. Safety first; small losses with large gains are the goal.
For a southward test point, 2630 to 2650, with a defense at 2680, a stop loss of 30 points, and a target looking at 2580 to 2540, and if it breaks, look at 2510.
For a northward test point, 2530 to 2500, with a defense at 2480, a stop loss of 30 points, and a target looking at 2570 to 2600, and if it breaks, look at 2630.
Specific operations should be based on real-time market data. For more information, please consult the writer. The publication of the article may be delayed, and it is recommended for reference only; risks are to be borne by the reader.