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Cryptocurrency Scholar: October 29, 2024 Ethereum (ETH) Latest Market Analysis Reference

The current price of Ethereum is 2610. It is now 3:40 PM Beijing time. Yesterday, the price of 2530 broke down to 2470, and you could have exited with a stop loss. Understanding stop loss correctly is crucial; I have mentioned before that a stop loss does not equal a loss. We trade according to market conditions. When the market gives a signal to enter, we act and execute according to the system. If we are wrong, we stop loss; if we are right, we hold. We cannot only pursue win rates while neglecting our original intention. We are doing the right thing, allowing ourselves to make mistakes. The premise of making mistakes is that we are doing something correct. During the price rise of Ethereum, when the price reaches a key resistance level and enters the trading range, we are doing the right thing.

The daily candlestick chart has currently formed four consecutive bullish candles, reaching a high of 2632, touching the EMA60 trend line resistance. The next major trend EMA120 resistance is at 2700. The MACD shows a decrease in volume and an increase in positions, with both large and small volume changes appearing. Pay attention to this major indicator. I have mentioned before that if the DIF and DEA form a golden cross, then we can go long. Until then, do not enter. The Bollinger Bands are contracting, with the upper resistance at 2740. After opening and standing at the middle band support point of 2560, the price directly stretches and fills the previous gap, continuing the V-shaped transition.

The 4-hour fast line has broken the EMA trend indicator and is standing at a high position. The EMA trend indicator is starting to contract, and EMA15 is also beginning to push upwards. It has already passed 30, and the next target is to challenge the major trend line. The upper flag resistance at 2570 has been broken, so pay attention to the candlestick pullback to the 2570 to 2550 range. If it does not break, you can enter long; if it breaks, you can short in the direction of the trend. The MACD shows an increase in volume and continuous position accumulation. The DIF has broken the 0 axis and is standing at a high position, while the DEA is also gaining strength. The Bollinger Bands are opening up, and the candlestick has broken the upper band at 2590. The strategy is to not enter if the trend is not adjusted; wait for the adjustment before entering.

Short-term reference: Safety first. Remember that the market is never 100% certain, so always set a stop loss. Safety first; small losses and big gains are the goal.

For the upper range, short from 2700 to 2730, with a stop loss at 2780 and a target looking at 2650 to 2600. If it breaks, look at 2550 and 2500.

For the lower range, long from 2550 to 2570, with a stop loss of 30 points and a target looking at 2650 to 2700.

Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication, so the suggestions are for reference only, and risks are to be borne by you.

This article is exclusively contributed by the Cryptocurrency Scholar and represents the scholar's unique perspective. In-depth research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above views and suggestions may not be real-time and are for reference only. Risks are to be borne by you. Please indicate the source when reprinting. Manage your positions reasonably and avoid heavy or full positions. The scholar also hopes that all investors understand that the market is always right. If you are wrong, you should reflect on where the problem lies. Do not let the profits that should be yours slip away. There is no need to be smarter than the market. When a trend comes, respond to it; when there is no trend, observe and remain calm. It is not too late to act once the trend becomes clear. Tomorrow's success comes from today's choices. Heaven rewards diligence, the earth rewards kindness, humanity rewards sincerity, business rewards trust, industry rewards excellence, and art rewards passion. Gains and losses often happen unexpectedly. Develop the habit of strictly setting stop losses and take profits for each trade. The Cryptocurrency Scholar wishes you happy investing!

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