4.24 Cryptocurrency Scholar: Ethereum Forms a High Head and Shoulders Top! It is Difficult to Escape the Downward Fate in the Short Term, and a Positive Reversal is More Likely! Latest Market Analysis Reference
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Ethereum's current price is 1800, and it is now three o'clock in the morning Beijing time. Many crypto friends said yesterday that the 1830 short I provided wouldn't reach, it's too far; if it does reach, they will stand on their heads and wash their hair, I wonder if they can actually do it, haha, just joking. As for Ethereum, I am more inclined to a decline, especially after breaking through 1800, as it is still too far from the next trend indicator resistance level, making it difficult to reach in a short time. Therefore, the 1830 short can be held.
The daily K-line peak was 1838, and the lowest was 1744. The daily K-line stands above the EMA30 support at 1730. If it breaks, it will look for a downward trend line. Whether the bullish trend will start depends on waiting for a rebound that does not break the trend line. Pay attention to the next EMA60 trend line resistance level at 1955 as the next short position trial point. The Bollinger Bands are contracting downward, and the K-line has reached the upper track resistance level near 1810. After a false breakout, it was pushed down, indicating that the upper resistance level is effective, allowing for a short-term trade but not for the long term. The MACD has shown a clear increase in volume, combined with the market reaching an overbought state indicating a demand for reversal.
The four-hour K-line is forming a head and shoulders trend at a high position and is currently in a high horizontal consolidation phase. The EMA trend indicators are alternating and expanding upwards. The EMA15 support is expected to quickly reach around 1750. The K-line has returned to the Bollinger Band channel, focusing on the upper track resistance level of 1840. The MACD volume is decreasing, and the short-term level has entered an overbought situation. A short position can be held with the first target focusing on 1750. If it breaks, continue looking down. A short position can be made, but do not chase after increases; set a good stop-loss and if wrong, exit quickly, do not hold onto losing positions.
Short-term reference: Safety first, small losses and big gains are the goal.
Trial short position point northbound: 1750 to 1730, defense at 1700, stop-loss of 30 points, target looking at 1800 to 1840, if broken look at 1870.
Trial short position point southbound: 1800 to 1830, defense at 1860, stop-loss of 30 points, target looking at 1750 to 1700, if broken look at 1675.
Specific operations are based on real-time market data; for more detailed information, you can consult the author. The article is published with a delay and is for reference only; risks are to be borne by the reader. $ETH