Cryptocurrency Circle Liying: Surpassing the Peak on 10.31! How is Ethereum Gaining Momentum Amid Market Volatility? Latest Market Analysis

Article Published on 2024.10.31—02:10 AM

The current price of Ethereum is 2678, which is nearly 20 points higher than yesterday's 2650. Yesterday's strategy was to pull back to around 2600, targeting 2700, with precise targeting. Liying chose not to short, and the reasons should be clear from the articles over the past few days. It's advisable to avoid shorting at resistance levels, especially if the stop-loss point is too far. If Ethereum can rise above 2750 before publication, Liying would consider entering a long position. However, it just broke 2700, reaching a maximum of around 2720 before being pushed down. It will continue to challenge, but it needs a deeper pullback, with the pullback point near the neckline at around 2600.

Now, let's look at Liying's upcoming analysis. The current K-line pattern is fluctuating between 2670 and 2700, forming a short-term consolidation range. You can see that the recent high in the market is around 2724, and the low is around 2599. This is a typical upward trend. The technical indicator MACD shows that both the DIF and DEA averages are trending upwards, and the MACD histogram is positive. This indicates that Liying's strategy is correct, and the current market is in a bullish trend. The only thing to watch out for is the potential divergence signal.

The Relative Strength Index (RSI) is currently close to 70, having entered the overbought zone, so a downward pullback is a normal phenomenon. The trend indicator EMA7 has crossed above 30 and is significantly higher than 120, indicating a very strong upward trend. Additionally, the overall trading volume has noticeably increased in recent cycles, so Liying still supports the upward price trend, primarily focusing on long positions with some short positions.

Today's Latest Point of Reference: Bullish

Long Entry Point: 2600, Add Position Point: 2550, Stop-Loss: 2520, Target: 2700

Short Entry Point: 2720, Add Position Point: 2760, Stop-Loss: 2790, Target: 2610

Reasons: First, the long entry point is at the neckline and is also a round number. Second, this position is at a strong support point of EMA120. If it breaks, a stop-loss should be set a few points below to prevent being swept out. The previous high resistance level is obvious, making it the first entry point for a short position. If the second position breaks, it may continue to stretch, so be cautious with the stop-loss to ensure safety first. The practical results can be checked with Liying. The content of the article is time-sensitive and for reference only; risks are borne by the reader.

The above analysis by Liying is based on market data and trend analysis and is for reference only, not constituting investment advice. For family members' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying has witnessed the brilliance of bull markets and the gloom of bear markets, accumulating countless valuable experiences and profound lessons along the way. As a female trader striving in this challenging field, Liying feels a responsibility to share her insights, hoping to help others with dreams find their place in this ever-changing market and embark on their own successful journey.

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