Cryptocurrency Market Analysis by Liying: December 11 - Long Upper Shadow Shows Relentless Selling Pressure, Will Ethereum Face a Major Breakout? Latest Market Analysis

Article Published on December 11, 2024 - 01:00 AM

Ethereum is currently priced at 3600. Liying's thoughts on the market are simple: it's better to miss out than to make a mistake. Don't regret missing a market opportunity; many fans feel it was unfortunate to miss yesterday's bullish wave. However, 560,000 people were liquidated in the market, and we are fortunate to be among those who were not. In the short term, the market has entered a bearish phase, and whether it can hold the 3500 level will have to be decided after the price reaches 3500.

Looking at the current candlestick pattern, it has fallen from a high position, forming a clear downward trend with long upper shadows and large bearish candles, indicating strong selling pressure. The main players are firmly taking profits. The MACD technical indicator shows that both the DIF and DEA are below the zero axis, and the MACD histogram is negative, indicating that the market is in a bearish trend in the short term. Those looking to short can start to consider doing so.

The Relative Strength Index (RSI) is close to the oversold zone but has not entered it. There may be a demand for a rebound in the short term, but overall it remains weak. The trend indicators EMA show that the current price is below EMA7, EMA30, and EMA120, indicating a bearish arrangement of short, medium, and long-term moving averages, confirming the downward trend. Trading volume increased significantly from 04:00 to 08:00 on the 10th, indicating heightened selling pressure. A short-term bearish trend is approaching, and then the trading volume decreased, leading to a cautious market sentiment. After further probing for a bottom, one can start to enter long positions, as the major trend support point is around 3500. If it holds, one can continue to follow the trend and go long.

Today's Latest Reference Points

• Long Entry: 3530, Add: 3480, Stop: 3430, Target: 3700
• Short Entry: 3700, Add: 3750, Stop: 3790, Target: 3550

The above analysis by Liying is based on market data and trend analysis and does not constitute investment advice. It is for reference only. 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. 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.

The content of this article is time-sensitive and for reference only; risks are borne by the reader.

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