Crypto Circle Academician: The temptation of the Ethereum rebound on July 24, is there a deeper short-selling trap hidden? Latest market analysis and reference suggestions
Current price of Ethereum is 3580, it is now 1:30 AM Beijing time, the thought process is still the same as the day before yesterday. The main force has not considered moving upwards until it breaks the golden ratio line of 0.786, assuming it effectively breaks below 0.786 and forms an effective pressure point, then don't hesitate to switch from north to south. Focus on the next gaps at 3350 and 3100 as the two major trend supports. Be cautious moving up before this because there is less than a week left until Ethereum's tenth anniversary. The market is highly likely nearing its end, and what's left is just a mess. Whatever direction it takes will be reasonable.
Before the article was published, the daily K-line had a maximum of 3765 and a minimum of 3550. The EMA15 trend fast line support has reached 3345, and the EMA30 has also been stretched to the golden ratio line support at 3070. The MACD shows a top divergence with increasing downward volume, and both DIF and DEA are contracting at a high level. The upper Bollinger band has stretched to 4000, with the stretching speed decreasing. The middle track support has stretched to 3115. The market has returned from extreme overbought to a normal range,
The four-hour K-line has broken several trend supports after falling from the high point, further breaking below the EMA30 trend line at 3635. The next support point focuses on the rising trend line support at 3550 and the division line support at 3525. The point of exchange between long and short trends. If this position is maintained, the bulls are still there; if it can't be held, the bears will come. The MACD continues to shrink in volume and increase in positions, with DIF and DEA pushing down towards the 0-axis support point around 3530. The lower Bollinger band at 3605 has been lost, and the K-line has gone outside the Bollinger band. After another drop, it can be considered to test the position near the division line support at 3530 to move upwards, ensuring defense and setting stop losses.
Short-term reference: Safety first. Remember that the market is never 100%, so always set stop losses. Safety first, small losses and big gains are the goal.
For southbound testing positions, 3750 to 3700, defend at 3800, stop loss 50 points, target at 3650 to 3600, if broken look at 3550 to 3500.
For northbound testing positions, 3550 to 3520, defend at 3490, stop loss 50 points, target at 3600 to 3650, if broken look at 3700 to 37850.
Specific operations are based on real-time market data. For more information, please consult the author. There may be delays in article publication, suggestions are for reference only, risk is self-assumed. $ETH