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Currency Circle Academician: Ethereum (ETH) Latest Market Analysis Reference for May 6, 2024

Yesterday's market saw Ethereum almost trading sideways with little fluctuation. The short position at 3150 only waited for an opportunity after exiting at 3130. Since 3170 did not rise, a short position was taken at 3160. The resistance level is the entry point for short positions. If 3170 is not broken, it means the resistance is effective and you can start positioning. Look at whether the range of 3130 to 3110 can be broken below. If not, you can exit; if it is broken, you can continue to hold. Let's wait and see.

Looking at the market, the daily K-line is currently above the EMA90 trend indicator at 3130. In the short term, attention should still be paid to this position as support. The KDJ is diverging upwards, the MACD volume is increasing, and the DIF and DEA are forming a low-level golden cross and spreading upwards. This indicates that the upward space has not been fully realized yet. In addition, with the continuous consolidation and absorption in the range of 3170 and 3130, there may be a wave of highs to position long at a low level.

The four-hour K-line did not increase in volume, indicating a short-term pullback. The KDJ is forming a downward alternation, falling from around 3170. The MACD volume is declining, and the Bollinger Bands are rising. The K-line is in a sideways upward channel. Pay attention to the 3090 support and 3205 pressure in the Bollinger Bands. In addition, the current EMA trend indicator is narrowing, and the chip-intensive area is near the 3100 level. Overall, the contract operation suggestion is to focus on short-term pullbacks with shorts as a supplement.

Specific entry references are as follows:

Long: First entry point at 3120, second entry point at 3095, stop loss at 3080 (the support point is at 3090, so if it breaks, don't hold).

Short: First entry point at 3180, second entry point at 3205, stop loss at 3220 (if it breaks 3220, you can follow the trend to go long and make timely remedies, looking at the range of 3250 and 3350).

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. All risks are at your own.

This article is exclusively provided by the Currency Circle Academician and represents the exclusive views of the academician. With in-depth research on BTC, ETH, DOGE, DOT, FIL, EOS, etc., the above views and suggestions are not real-time due to the time of article publication and are for reference only. All risks are at your own. Please indicate the source when reposting, and control your positions reasonably. Do not overexpose or fully expose your positions. The academician also hopes that all investors understand that the market is always right. If you are wrong, you should summarize your own problems and not let the profits that should have been in your hands fly away. 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's 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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