Crypto Circle Scholar: Can Ethereum's support at 3710 hold on November 1st? The mid-pressure at 3905 cannot be ignored! Latest market analysis and short-term strategy reference
Ethereum's current price is 3827, it is now 2 AM Beijing time. In yesterday's article, it was mentioned that the next opportunity to go south is near 3850. Although the price has not dropped much, the entry point for going south has been reached. Since the market has entered the hunting range, do not hesitate to hold with a stop loss; now is the time to exchange time for space.
Before the release of the daily K-line, the highest was 3887 and the lowest was 3794. Similarly, if the daily K-line breaks the opening price of 3800, the MACD will end its expansion and begin to shrink downwards. The DIF and DEA will form a death cross below the 0 axis, indicating a major bearish trend. For short-term resistance, pay attention to the EMA120 trendline pressure at 3880. The Bollinger Bands are contracting, the mid-band pressure is at 3960, and the lower band support is at 3710. In terms of strategy, the market is in a sideways phase; effective top pressure means holding on for a southern move.
The four-hour K-line has been blocked by the EMA15 fast line pressure at 3875 three times in a row, but the key pressure point is at the 0.618 line of 3917. The MACD has continuously reduced its volume, with bulls resisting. The golden cross of the DIF and DEA has failed to close downward. The Bollinger Bands have formed a downward channel, with effective mid-band resistance at 3905 and lower band support at 3710. The trend remains bearish, so the southern move remains unchanged. Friends looking to go north should consider waiting for the market to reach support around 3700.
Short-term reference:
Southern trial entry point 3850 to 3900, stop loss at 3950, stop loss of 30 points, target looking at 3800 to 3750, breaking point looking at 3700 to 3650.
Northern trial entry point 3700 to 3650, stop loss at 3600, stop loss of 50 points, target looking at 3750 to 3800, breaking point looking at 3850 to 3900.
Specific operations are based on real-time market data. For more information, you can consult the author. There may be delays in article publication; the advice is for reference only, risk is self-borne $ETH
