Cryptocurrency Expert: Can the V-shaped reversal of Ethereum at 8.7 form a double top? Latest market analysis and reference suggestions, must-read
Current price of Ethereum is 3680, it is now 2:40 AM Beijing time. Previously, a drop to 3720 was indicated, but the main force did not break below the support of 3550 and the pullback broke 3600, realizing a profit of 120 points. The profit-taking was done at the pullback point rather than at the lowest line. Currently, there are no clear signals for upward movement, so we will not consider going down temporarily. We will wait for a clear signal before moving down, for now, hold steady and wait for opportunities and signals.
Before the publication of the daily K-line, it was stabilizing above the golden ratio line at 786, and from the overall market trend, it leans more towards bearishness. Many speculative funds are in the market, and many will take profits. In any case, the main force will still test the 3000 mark. For us small investors, finding opportunities to go down carries much less risk than going up. The MACD is reducing in volume but the trend is still showing a top divergence. The DIF and DEA are spreading downwards on the 0 axis, the Bollinger Bands are contracting, the upper resistance level has reached 3918, and the lower band has stretched to 3435. A triangular contraction has appeared in the market.
In the four-hour K-line, the triangular contraction is more obvious. The K-line has reached the top resistance level of the downward trend line at 3700, while the rising trend line support is near 3600. The MACD continues to increase in volume upwards, and the DIF and DEA have broken the 0 axis and moved to a high position. The K-line is currently consolidating in the upward Bollinger Band channel, and it has also reached below the upper track resistance level of 3733. Short-term trading can continue to go down above 3700 with stop-loss set above 3750, focusing on mid-track support at 3600. If the main force pulls back to the mid-track, it can also try to go up. The mode of high selling and low buying can be adopted, with a manual stop-loss of 30 to 50 points if it breaks below 3600.
Short-term reference: Remember that the market is never 100%, so always set stop-losses; safety first, small losses for big gains is the goal.
Upward trial entry points from 3610 to 3590, with a stop-loss of 50 points, target looking at 3650 to 3700, and if it breaks, look at 3730.
Downward trial entry points from 3700 to 3730, with a stop-loss of 50 points, target looking at 3650 to 3600.
Specific operations are based on real-time market data. For more information, you can consult the author. There may be delays in article publication; suggestions are for reference only, and risks are self-borne. $ETH