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Currency Circle Academician: Ethereum (ETH) Latest Market Analysis Reference for May 5, 2024

The main force feigned a move, but Ethereum's fluctuation ultimately did not surpass that of Bitcoin. In practical terms, it was long at 3075 yesterday, took profit at 3130, then went short at 3130 and finally stopped loss at 3150. The main force quickly pulled the market. After taking profit in the late afternoon yesterday at 6:42, it went short, and at 6:51, it broke the 3150 support. Unlike Bitcoin, Ethereum's market trend is very unstable, so only two orders were placed, one profitable and one loss-making. Although the overall profit took 25 points, it did not meet expectations. Fortunately, early this morning, I received a warning signal that the candlestick continuously broke through 3150 without pressure, so I entered a short position at 3143 and currently hold it. The support levels below are 3070 and 3050.

Looking at today's market, as of the time of writing, Ethereum's current price is 3095. The weekly chart is still bearish, and the big cake may also be affected by Ethereum's bearish trend, especially since the weekly chart has returned to the EMA trend indicator near 3100, which may close above this level, after all, the closing points of the previous three weeks were near 3150.

The daily candlestick yesterday feigned a break of the 3150 resistance level, reaching as high as 3170, and today's candlestick was blocked by the EMA trend indicator at 3130. The attempt to break the 3150 resistance level failed in the morning, so short positions can be opened. Holding it now has a profit of 60 points. The support target below is 3030, especially since the Bollinger Bands have already fallen below the middle rule, the KDJ has been blocked by an upward golden cross, the MACD has increased in volume, and the DIF and DEA have formed a golden cross below the 0 axis line twice, the first time was when it broke through 3200, and this time at 3150. It is clear that the main force has shaken out at least 50 points. The highest point of the previous golden cross spread was at 3370, with a spread range of 170 points. After the formation of 3150 this time, how much space will it spread?

The four-hour candlestick was blocked by the EMA120 trend indicator, and the moving average began to contract. The current idle position is near the EMA trend indicator 30. The KDJ is diving downward, the MACD is declining in volume, and the DIF and DEA have just crossed the 0 axis and have not been closed for long. Comparatively, there is a strong pressure above. The support of the middle rule of the Bollinger Bands is at 3050, and the upper pressure is at 3185. The strategy is still bearish, with long positions as a supplement, waiting for flexible entry signals.

Specific entry points are as follows:

For long positions, the first entry point is in the range of 3030 to 3060, with a stop loss near 3010. The exit points are near 3100 and 3185. Those with strong pressure should not hold for too long. Contract trading emphasizes flexible and changeable strategies, and it is most important to secure profits.

For short positions, those who have already entered in the range of 3140 and 3160 should continue to hold. The exit points are at 3070 and 3030, with partial profit-taking. If it breaks below 3000, you can continue to hold. If it doesn't break, exit completely. The overall trend has not yet reversed. It is important to develop the habit of setting strict stop-loss and take-profit levels.

Specific operations are mainly based on real-time market data. For more information, please refer to the author. The article is published with a delay, and it is recommended for reference only. Please bear the risks.

This article is exclusively provided by the Currency Circle Academician and represents the exclusive views of the academician. There is in-depth research on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above views and suggestions are not real-time and are for reference only. Please bear the risks. Reprinting should indicate the source. It is important for investors to understand that the market is always right. If you make a mistake, you should summarize where your own problems lie, and do not let the potential profits slip away. There is no need to be smarter than the market in investing. When the trend comes, follow it; when there is no trend, observe and be patient. It is not too late to act after waiting for the trend to become clear. Tomorrow's success comes from today's choices. Heaven rewards hard work, earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses are all in the details. Develop the habit of strictly setting stop-loss and take-profit levels for each trade. The Currency Circle Academician wishes you a pleasant investment!

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