Zhang Lihui edited on August 1st at 2:28 AM Beijing time: Ethereum market analysis and trading suggestions:
In the 1-hour chart of Ethereum, the candlestick once again moved downward as expected last night, approaching the EMA180 position and forming a short-term rebound to the middle track, where it faced pressure again. The Bollinger Bands are showing a downward trend with all three lines moving downwards, and the lower band has already dipped below the EMA180, nearing the EMA220 position. This is also the second target position for short positions mentioned in Lihui's article yesterday. The current pullback is expected to approach the EMA220 position; furthermore, the MACD death cross is continuing to widen, with the fast line having entered below the 0 axis, and the slow line is also close to the 0 axis. The bearish sentiment is intensifying, and the KDJ and RSI are continuing to diverge towards the oversold area, so caution is needed when chasing shorts due to the probability of a reversal!
In the 4-hour chart, the Bollinger Bands have changed from a parallel state yesterday to a downward opening, with the lower band currently crossing below the EMA60. A break below needs to be monitored at the EMA80 and the low point from early yesterday morning; in the MACD, the fast and slow lines have turned from a golden cross to a death cross opening downwards, with increasing volume starting below the 0 axis. The KDJ's three lines have just begun to cross downwards and are expected to continue diverging towards the oversold area, and the RSI's three lines are also moving downwards, indicating that the bearish momentum has considerable room below! If the low point from early yesterday morning and the EMA80 range fails to hold, the candlestick may short-term reach the MA120 and EMA120 crossover area, which is below 3550! Although the bearish pattern is strong, it is advisable to short on rebounds for a more cautious approach!
Today's suggested short entry point for Ethereum: Light short above 3805, add at 3860, stop loss at 3890; target 3730-3660; if it breaks below 3650-3630, you can continue to hold until around 3550!
Today's suggested long entry point for Ethereum: Light long below 3550; stop loss below 3500; target 3650-3720; specific entry opportunities for long positions can be monitored through Lihui's real-time updates! You can also pay attention to the strong support in the 4-hour EMA60 and EMA80 range for early light position entry!
There may be delays in article review and push notifications, and the market is ever-changing. Specific entry opportunities must be combined with real-time operations, and the article's suggested points are for reference only. Please do not operate with heavy positions; ensure to set take profit and stop loss levels, and take profits when favorable!
I, Lihui, interpret global economic news and analyze major trends in the cryptocurrency market. During my studies in the U.S., I conducted in-depth research on cryptocurrencies such as BTC, ETH, LTC, DOT, EOS, BNB, and SOL. I welcome comments and messages from those who are unsure about trading!
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