Crypto Circle Academician: On June 17, Ethereum bulls feigned a move to entice buying, but in reality, it was a trap! After the false breakout, it will surely return to the channel! Latest market analysis and reference suggestions
The current price of Ethereum is 2535, it is now 1:30 AM Beijing time, the weekly opening after Monday's opening is moving in one direction. Whether the weekly chart will again show a long upper shadow is uncertain. You can give yourself a few opportunities to test positions at high levels for a downward move. If you're right, hold on; if you're wrong, exit with a small loss. The target for the downward move is not hard to find; it has been consolidating around 2500 for five consecutive weeks and has tested the EMA30 support at 2485, so this can be used as the target level for the downward move.
Before the writing, the daily K-line reached a high of 2656 and a low of 2513. The EMA trend indicator is still contracting, and the upward alternating expansion trend is blocked. Only one more moving average remains before the expansion trend ends. The MACD has been continuously diverging with shrinking volume, and the DIF and DEA are getting closer to the zero axis. The upper pressure level of the Bollinger Bands' box formed by long-term consolidation is 2780, and the lower support is 2400. It is likely to continue expanding upwards.
The four-hour K-line has moved from 2500 to the next consolidation point around 2600. The K-line is currently at a short-term high. The EMA trend indicator is contracting, and the market has dense chips. The MACD has been continuously increasing in volume, but the DIF and DEA are still below the zero axis. The short-term stretch indicates that the bulls are attempting to break the bearish momentum. Around 2620, there was a pullback to form a consolidation area. If the K-line breaks the upper Bollinger Band at 2635, it won't last long before returning to the channel, so consider testing positions for a downward move around 2620. If it breaks above the resistance level of 2680, consider stopping losses.
Short-term reference: Safety first. Remember that the market is never 100% certain, so be sure to have your stop-loss in place. Safety first; small losses with big gains is the goal.
Test positions for downward moves from 2620 to 2640, with a defense at 2660, stop-loss of 30 points, and target looking at 2580 to 2550, with break levels at 2520 to 2480.
Test positions for upward moves from 2470 to 2450, with a defense at 2420 short, stop-loss of 30 points, and target looking at 2510 to 2550, with break levels at 2580 to 2630.
Specific operations should be based on real-time market data. For more detailed information, you can consult the author. The article may have some delay in publishing; suggestions are for reference only, and risks are borne by the reader.