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Cryptocurrency Academician: Ethereum (ETH) Latest Market Analysis for May 9, 2024

Yes, that's right. Yesterday, the long position near 3010 for Ethereum was stopped out at 2990. The short position layout in the 3000 to 3030 range is currently being held. The previous support has turned into current resistance. The target is to look for gains in the range of 2950 to 2910. Everyone can pay attention to this.

Looking at the current market situation as of 2:00 am on May 9th, Ethereum is currently priced at 3010. The daily K-line has fallen below the 3000 integer mark, dropping to around 2975. The downside space is focused on the support near the 2950 area indicated by the EMA trend indicator 140. The overall trend is bearish. Although the ultra-short-term trend is blocked at the 3000 mark, there is no significant issue. After the KDJ turns downwards, the MACD is currently in a volume-reducing range. As long as it falls below 3010, a death cross will form, indicating a clear bearish trend. Therefore, the conventional approach is to follow the trend and focus on the support at 2940 indicated by the lower Bollinger Band.

The four-hour K-line is facing resistance near 3030, and the short-term pressure level is not broken, so the short position can continue to be held. The golden cross formed by the KDJ and the MACD's increasing volume indicate a strong bearish trend. The Bollinger Band is opening downwards, and the lower support has directly fallen below 2960. The mid-range pressure level is focused on 3060. The specific operational approach is to prioritize the bearish trend, with the bullish trend as a secondary consideration.

For reference, the entry points for ultra-short-term contracts are as follows:

For short positions, the entry points are in the range of 3010 to 3030, and the exit points are in the range of 2960 to 2910. If the lower support at 3050 to 3070 is not broken, additional short positions can be added. The stop loss is at 3080 (the downside space has not been fully realized in the short term, so the primary approach is to prioritize the bearish trend over the bullish trend).

For long positions, the entry points are in the range of 2930 to 2950, and the exit points are in the range of 3000 to 3030. The stop loss for long positions is at 2900 (the ultra-short-term trend layout involves a risk of 30 points in exchange for a space of around 100 points. When the risk exceeds the return, it is advisable to exit and observe).

Real-time market data should be the primary consideration for specific operations. For more information, please consult the author. The article is published with a delay, and it is recommended for reference only. All risks are assumed by the reader.

This article is exclusively provided by the Cryptocurrency Academician and represents the Academician's exclusive viewpoint. Due to the timing of the article's release, the above viewpoints and suggestions do not have real-time relevance and are for reference only. All risks are assumed by the reader. Reprinting should indicate the source. 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 problems and not let the potential profits slip 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 is not too late to act after the trend becomes clear. Tomorrow's success comes from today's choices. The heavens reward hard work, the earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses are both in the details. 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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