Cryptocurrency Scholar: Ethereum's Short-Term Rebound at 6.3 is Weak, Bearish Pressure Continues to Strengthen! Latest Market Analysis Reference
Ethereum is currently priced at 2540. It is now 1:30 AM Beijing time. Many crypto friends are unable to hold on and have exited. Some crypto friends have opted for short-term trading, frequently buying and selling, making a profit of a dozen or twenty points before exiting. Over time, their mindset and understanding will narrow, making it difficult to capture larger trends. Therefore, do not develop such habits. Since the market is in sideways correction, treat it as a way to hone your mindset. Patience is key; only those who can endure solitude can ultimately enjoy prosperity. Let's focus on our journey southward.
The daily K-line reached a high of 2555 and a low of 2472, still moving sideways on the EMA15 trend line. Three attempts to test the strength of the support below. Remember, a support level that is held for too long will surely be lost. Regardless of how the market moves in the end, once it enters the trading range, pay attention to the support at the 0.382 Fibonacci retracement level, which is 2425. This position coincides with the EMA30 trend indicator, indicating strong support. If this support holds, short positions can take profits to prevent bulls from taking this opportunity to stretch. The MACD has shown consecutive top divergences with decreasing volume, and the upper Bollinger Band has contracted to 2670, while the lower support is at 2450. The entry points for both long and short positions can be better referenced.
The four-hour K-line is in a sideways correction; the EMA trend indicator's resistance level is at 2550, and the balance point is at 2500. The market will form a prolonged consolidation period at 2500. If you lack patience, it is easy to be shaken out. The MACD shows consecutive volume increases, and the DIF and DEA are forming a short-term bullish trend at low levels. The upper resistance level is at 2575, and the lower support is at 2474. The upper line can serve as a defensive point for going south, while the lower line's break will determine strength and weakness. Overall, the short-term bearish trend is unlikely to be reversed without favorable stimuli. Regardless of how good the market is, setting defenses and stop-losses is essential; safety always comes first.
Short-term Reference:
For the northward testing point at 2430 to 2400 long, defense at 2380, stop-loss of 30 points, target looking at 2470 to 2500, with a break looking at 2530 to 2580.
For the southward testing point at 2580 to 2600 short, defense at 2650 short, stop-loss of 30 points, target looking at 2550 to 2500, with a break looking at 2450 to 2410.
Advice is for reference only, risk is self-borne $ETH
