Crypto Expert: On October 29, Ethereum's U-shaped transition kettle pattern is a strong alliance! Will 4070 challenge 4250? Latest market analysis and short-term strategy reference
Ethereum's current price is 4143. It is now 1:30 PM Beijing time. The market has hit the northern entry point at 4070. It is recommended that everyone set a defense near 4020. If it falls below 4000, the northern move fails, and you should exit. Conversely, continue to hold. Those who have not entered can wait for a pullback support before finding a position for a short-term northern move. It should not last too long. Currently, the market's northern move is only suitable for short-term trading. For long-term, it is suggested to wait for a stretch before finding a position for a southern layout.
Before the article was published, the daily K-line reached a high of 4175 and a low of 4064. The daily line is sideways around the golden ratio line of 0.236 at 4115. Short-term support is at the EMA30 line of 4090, and mid-term support is at 3885. MACD continues to expand upwards, with DIF and DEA still below the 0 axis. The upper Bollinger Band has been compressed down to 4315, and the middle track has also moved down to 3990. After the next wave of highs, the market will likely enter an extreme overbought phase, so be cautious of pullback risks.
After the U-shaped transition of the four-hour K-line, a kettle pattern is formed. The pullback at the division line of 0.5 has a sideways support level to watch at 4075. Don't pay attention to the MACD top diminishing volume rising, combined with the kettle pattern, indicating that there is still a wave of stretch in the short term, and it will challenge the previous high of 4250. Therefore, those holding near 4070 can continue to hold. The short-term Bollinger Band's upper track is at 4265, which can serve as a profit target for the northern move. As for the southern move, wait until the bullish momentum ends before deciding at the market.
Short-term reference:
Northern trial point from 4120 to 4070, defense at 4020, stop loss of 30 points, target looking at 4180 to 4230, break point looking at 4280 to 4330.
Southern trial point from 4280 to 4330, defense at 4380, stop loss of 30 points, target looking at 4220 to 4170, break point looking at 4120 to 4070.
Specific operations should be based on real-time market data. For more information, you can consult the author. There may be a delay in the article release, and it is recommended for reference only at your own risk.
