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Currency Circle Academician: Ethereum (ETH) Latest Market Analysis Reference for May 4, 2024

First, let's review the results of yesterday's actual combat. In the circle of friends, there was a sharing of shorting at 3010 and finally covering at 2960, and then switching to long after reaching 3040, then starting to wait for new entry signals. Later, shorting was arranged at 3080 after being blocked at 3090, currently holding. The downside targets to focus on are around 3030 and 2975. The overall trend is still bearish, and it is similar to the expected. The fluctuation of Ethereum in this wave is far behind compared to Bitcoin, and it is not as expected. The combined profit space of the two positions is 50+80=130 points, which still accounts for the benefits of the non-agricultural report.

As of the time of writing, Ethereum is trading near 3070. The daily K-line has broken the EMA trend indicator's pressure near 3030. Will it impact the trend turning point near 3130? There is a high possibility, so near 3130, you can add to the short position to average down. After KDJ was blocked, it started to converge. If it breaks 3130, a golden cross is possible, and the MACD volume shrinks and increases the capital. The DIF and DEA are significantly converging. After the Bollinger Bands converge, the K-line stands near 2955 and starts to challenge the middle rail pressure level of 3120 under the influence of the news. The conventional approach is to short near the pressure level and set the stop loss at 3150. Once the signal appears, as long as the stop loss is set properly, there is no need to worry too much.

The four-hour K-line is blocked by the EMA60 trend indicator's pressure near 3080. However, one thing to note is that the EMA60 has broken through and retraced twice. Although the pressure is effective and can be shorted, it also needs to be defended. Therefore, continue to look at the pressure point of the EMA trend indicator, which is around 3115, to add to the short position. KDJ is blocked and starts to spread upwards, being blocked at 3080. The MACD volume increases, and the DIF and DEA are pushing up from the low position towards the axis. The Bollinger Bands are converging, and the turning point of the trend can occur at any time, so be cautious. If the K-line breaks the upper rail pressure of 3035, the overall approach is still near the pressure level, and the short position layout remains unchanged.

Specific entry references are as follows:

Shorting: First entry point is to layout between 3075 and 3085, and the second entry point is to add to the short position at 3100 and 3130. The exit target is to look at the range of 2980 and 2900. If it breaks, look at the range of 2850 and 2800. The current overall trend is bearish. As long as it does not break 3130, you can hold the short position with peace of mind. The stop loss is slightly higher at 3150 to prevent being swept.

Going long: The first entry point is to layout between 2930 and 2920, and the second entry point is to layout between 2880 and 2860. The stop loss is near 2830. The first exit target is to look at the range of 3000 to 3030, and the second exit point is to look at the range of 3100 to 3130. Overall, as long as it does not break 3130, you can exit the short position. If it breaks, continue to hold.

Specific operations should mainly refer to 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 Currency Circle Academician and represents the exclusive views of the academician. It has 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. Reprinting should indicate the source. Reasonably control your position and avoid heavy or full positions. The academician also hopes that investors understand that the market is always right. If you are wrong, you should summarize your own problems. There is no need to be smarter than the market in investment. 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 diligence, earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses are all in the blink of an eye. Develop the habit of strictly setting stop-loss and take-profit for each trade. The Currency Circle Academician wishes you a pleasant investment!

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