ETH Technical Analysis October 24th 12:52am
1. Moving Averages: Short-term EMA(7) is at 2565.79, EMA(25) is at 2769.03, while long-term EMA(99) is at 2494.19. The price has fallen below the short-term and medium-term moving averages, indicating downward pressure.
2. MACD Indicator: The MACD shows a 'death cross' signal (MACD line is below the signal line), and the negative value is increasing, suggesting that the downtrend may continue. The histogram shows that momentum has weakened.
3. RSI Indicator: The current RSI is 44.11, indicating that the market is currently in a relatively neutral zone but close to the oversold area (RSI below 30 is oversold). If the RSI continues to fall, it may trigger a rebound.
Buy/Long Suggestion:
Entry Price: Consider making staggered purchases in the 2450-2500 USDT range, as this price level is close to the EMA(99) support level (2494.19), and if the price continues to rebound within this range, there is a chance to stabilize again.
Take Profit and Stop Loss Strategy:
Take Profit Target: Short-term can be set between 2650-2700 USDT, close to the EMA(25) resistance level, indicating that the price may encounter selling pressure in this range.
Stop Loss Level: Can be set at 2400 USDT, below the current support area. If it falls below 2400, it may drop further.
