Cryptocurrency Market Analysis: Is October 24 a Good Buying Opportunity? Ethereum 2420 as Key Support, Is a Rebound Imminent? Latest Market Analysis
Article Release Time: 2024.10.24—01:30
Ethereum's current price has fallen below 2500. Let's take a look at the market against the ideas proposed yesterday. During the day, I mentioned that 2630 was hard to break, and selling around 2600 for a small profit before shorting with a target of 2500, and if it breaks, then watch for 2450. Although the price just dropped below 2500 before this article was published, the thought process remains valid. Once 2600 was breached, it triggered panic, leading to a one-sided sell-off. Let's review the analysis.
First, let's analyze the price trend. The current K-line pattern has been declining from a high of 2747 to 2480, forming a clear downward trend. The daily K-line shows consecutive bearish candles, indicating heavy market selling pressure and increasing panic. The MACD technical indicators in a 4-hour cycle show both DIF and DEA below the zero line, and the MACD histogram is negative, indicating strengthening bearish momentum.
The current RSI14 is at 20.83, in the oversold zone, which might indicate a short-term rebound demand, but overall still leans bearish. The EMA trend indicators show prices breaking below EMA7, EMA30, and EMA120, indicating a strong downward trend, with EMA moving averages in a bearish arrangement. Additionally, the trading volume has increased, especially on the 23rd, showing heightened market activity, with fierce competition between bulls and bears. An increase in volume during a decline usually signals further adjustments ahead, so focus on the support around 2420. If it holds effectively, consider going long at the support level and reassess for shorts at higher levels.
Today's Latest Points of Reference:
Long Entry at 2400, Add Position at 2350, Stop Loss at 2320, Target at 2550
Short Entry at 2550, Add Position at 2600, Stop Loss at 2630, Target at 2450
Reason: Approaching the previous key support level of 2400 is likely to generate buying interest, creating a congestion zone. There is significant resistance near EMA7 above, and selling pressure exists at the swing highs. Safety first, for practical results, refer to the analysis. The content of this article is time-sensitive and for reference only, with risks borne by the reader.