Crypto Circle Scholar: After Ethereum's price increase on July 20, it started to oscillate and wash out! The direction choice is imminent! Latest market analysis and reference suggestions breakdown
Ethereum's current price is 3545, it is now 1:30 AM Beijing time. Ethereum is oscillating near the golden ratio 0.786, which is around 3525, testing back and forth, tormenting speculative capital. The overall trend remains bullish, with the main force accumulating at the golden ratio. After sufficient chips are gathered, the possibility of further stretching cannot be ruled out. With only a few days left until Ethereum's 10th anniversary celebration on the 30th of this month, according to the market's usual practices, the stretch will likely end before the celebration. As for how much it can stretch, it is beyond my understanding; after the celebration, a long period of sideways movement is expected.
Before the press time, the daily K-line reached a high of 3610 and a low of 3505. The EMA15 trend support line has broken the 0.618 golden ratio line, reaching the 3100 level, and it is expected to continue stretching. Pay attention to the neckline support at 3300. MACD has continuously expanded, ending the accumulation. DIF and DEA are continuing to expand at high levels. After the main force's failed attempt to break 3700, it is evident that distribution has started. The K-line has also fallen into the Bollinger Bands channel, with upper resistance at 3615. Extreme overbought conditions are continuing; the continuous stretching has consumed too much, so a correction is necessary. As long as the mid-line trend support is not broken, the bullish trend can continue, and opportunities can be sought to continue moving northward.
The four-hour K-line is oscillating above 3500, with the EMA15 trend line near the K-line. MACD has continuously decreased in volume and increased in accumulation. DIF and DEA have formed a death cross at high levels, coupled with the contraction of the Bollinger Bands. The K-line has reached the middle track around 3490, with lower track support at 3285 and upper track resistance at 3695. Overall, the large trend is still bullish, with short-term corrections. The strategy is to focus on larger positions and wait for a short-term correction to key support before entering to move northward. Those looking to move south should consider it only after breaking the resistance level; it is not yet the best time to move south.
Short-term reference: Small losses for big gains are the goal.
Southward trial entry points at 3690 to 3720, with a defense at 3760, stop loss at 30 points, and target at 3650 to 3600; if broken, look for 3550 to 3530.
Northward trial entry points at 3350 to 3300, with a defense at 3280, stop loss at 30 points, and target at 3400 to 3450; if broken, look for 3500 to 3550.
Suggestions are for reference only; risks are to be borne by oneself. $ETH