Li Shengting: 5.31 Ethereum Midday Market Analysis and Trading Ideas
Ethereum has been experiencing a downward trend since last night, touching the low of 2473. From the daily technical indicators, the current coin price has dropped below the MA5 moving average, while the KDJ technical indicator shows all three lines turning downward. The MACD technical indicator shows a downward cross between the DIF and DEA indicators. It was previously mentioned that if the key resistance level at 2550 cannot be maintained, the coin price will continue to decline. Additionally, the BOLL technical indicator shows the coin price has fallen below the middle band, with both the MA5 and MA10 moving averages trending downward, while the lower MA30 moving average is showing signs of strength. I personally believe there might be a short-term rebound, but the momentum may not be very strong.
From the 4-hour technical indicators, the KDJ and MACD technical indicators are in a state of consolidation, and the BOLL technical indicator is operating in the lower band area, but it has not opened downward continuously, indicating that the short-term bearish space is limited. Due to weekend factors, the VOL technical indicator shows a decrease in trading volume. I personally believe that today's coin price will likely continue to oscillate downward, and one could consider shorting on highs in the short term.
Ethereum: Short near 2520-2550 Stop Loss: 2597 Target: 2450
Bitcoin: Short near 104000-104800 Stop Loss: 105600 Target: 102500
The above is my personal midday market analysis; specific points and directional changes will be guided in real-time.
