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Cryptocurrency Academician: Ethereum (ETH) Latest Market Analysis for May 3, 2024

First, let's review yesterday's analysis. The strategy given yesterday was to go long near 2890, with a target of reaching 3010. Currently, holding a short position at 3010, with a stop loss set at 3050. If the stop loss is triggered, exit the position; if not, continue holding. The target is to observe the support levels around 2950 and 2900. In the early trading session, do not let the market fluctuations affect your mindset. Do what needs to be done at each position, and then patiently hold the rest.

Now, let's look at today's market. As of the time of writing, Ethereum is trading near 2985. Many people have experienced holding positions overnight. Only those who can endure loneliness can hold onto prosperity. The daily K-line has been blocked near the EMA trend indicator at around 3020 for four consecutive days. Therefore, the strategy is to short at 3010, with a stop loss at 3050. The KDJ is blocked, and the EMA180 support point is at 2830. If the upper conversion point at 3130 is not broken, the trend remains bearish. The MACD is decreasing in volume, and the distance between DIF and DEA is widening downwards. A short-term pullback and extension are normal. The daily K-line is moving away from the lower support and spreading upwards, with the midline pressure point near 3115.

The four-hour K-line has returned to the EMA trend indicator, currently near the EMA15. It is expected to test the EMA30 and then fall back, with a high probability of breaking the pressure point at 3030. The short-term KDJ also faces strong resistance at 3030. After the MACD golden cross formation, it has been continuously increasing in volume, testing the 2995 pressure point within the Bollinger Bands. The short-term may break through the standard, but the upper Bollinger Band is strengthening. The strategy can now begin to short cautiously and refrain from chasing long positions.

Specific entry points are as follows:

Short: First entry points at 3010 and 3030, second entry points for adding short positions at 3100 and 3130. Exit targets are at 2980 and 2900. If broken, look at the 2850 and 2800 ranges. The overall trend is bearish. As long as 3130 is not broken, hold the short positions with peace of mind. The stop loss is set at 3150, slightly higher than 3130 to prevent being swept.

Long: First entry points at 2930 to 2920, second entry points at 2880 to 2860. The stop loss is near 2830. The first exit targets are at 3000 to 3030, and the second exit points are at 3100 to 3130. Overall, as long as 3130 is not broken, long positions can exit the market. If broken, continue holding.

Specific operations should be based on real-time market data. For more information, please consult the author. The article is published with a delay and is recommended for reference only. Please bear the risks responsibly.

This article is exclusively provided by the Cryptocurrency Academician and represents the Academician's exclusive viewpoint. It involves in-depth research on BTC, ETH, DOGE, DOT, FIL, EOS, and others. Due to the timing of article publication, the above viewpoints and suggestions are not real-time and are for reference only. Please bear the risks responsibly. Reprinting requires proper attribution. Please control your positions reasonably and avoid heavy or full positions. The Academician also hopes that investors understand that the market is always right. If you make a mistake, you should reflect on your own issues and 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's never too late to act after the trend becomes clear. Tomorrow's success comes from today's choices. The universe rewards hard work, the earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses happen inadvertently. Develop the habit of strictly setting stop-loss and take-profit for each trade. The Cryptocurrency Academician wishes you a pleasant investment experience!

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