Crypto Circle Scholar: Ethereum Long-Short Conversion on June 16, Recognizing Trends to Secure Victory! A Pullback is an Opportunity, Latest Market Analysis and Reference Suggestions
Ethereum's current price is 2545, and it is now 1:30 AM Beijing time. First, let's look at the big picture. Ethereum has closed above 2500 for five consecutive weeks since May 10, with long upper and lower shadows appearing each time, indicating increasing volatility. This fluctuation only emerged as a result of previous weeks driving the market's recovery sentiment. As we continue to break previous highs, the impact on market sentiment will diminish. At that point, whether the main force is to stretch or plunge, it will naturally unfold. What we need to do is to avoid any complacency; safety and risk control should always be the top priority.
Before the article was published, the daily K-line showed a maximum of 2555 and a minimum of 2507. The EMA30 trend formed a dense area at 2525. MACD has been continuously decreasing in volume and increasing in positions. DIF and DEA are still expanding at high levels. The K-line short-term cycle is blocked at the middle band of the Bollinger Bands at 2590. Pay attention to the support level at the lower band of 2400 and the resistance level at the upper band of 2780, which can serve as testing points for medium-term long and short positions. Focus on whether the daily line closes in the red or green. The resistance between 2580 and 2610 remains unbroken; it is still bearish. If broken, there is a high probability of turning bullish and continuing to recover.
The four-hour K-line is oscillating horizontally around the 2500 line. The EMA trend points down, and the alternating expansion has not yet ended. The K-line has reached near the pressure level of the EMA15 fast line. There is strong resistance above 2550 for the short-term cycle. Aggressive traders can consider opening shorts at 2570, with a stop loss above 2595. MACD's volume decrease has ended and is starting to release, with DIF and DEA forming a golden cross. A situation of divergence at the bottom of the market has emerged. The probability of an upward pull is low, while the probability of breaking the previous low is increasing. The main force has the momentum to clear long positions. Cautious traders can consider finding opportunities to move north after breaking below 2400.
Short-term reference:
Southern test points 2560 to 2580, defense at 2600, stop loss 30 points, target looking at 2530 to 2500, break level looking at 2470 to 2430.
Northern test points 2370 to 2340, defense at 2310 short, stop loss 30 points, target looking at 2450 to 2500, break level looking at 2550 to 2580.
Specific operations are based on real-time market data. For more detailed information, you can consult the author. The publication of the article has a delay, and the suggestions are for reference only; the risk is self-borne. $ETH