As a senior figure in the cryptocurrency circle, I have always been committed to providing helpful advice to everyone, hoping that people can take fewer detours and make fewer mistakes in this market. Although I have been earnestly advising, the path of investment still needs to be explored by oneself, and learning is endless. The experience gained is the real wealth!

Strength does not need to be overly displayed; the key is to gain more recognition from others. In the investment journey, it is more important to do well for oneself than to prove one's strength to others. Whether it's a donkey or a horse, you will know once you take it out for a walk.

I am a "cryptocurrency academician," a warrior who has always been protecting the "leeks" (novice investors) in the cryptocurrency circle. I wish my fans to achieve financial freedom in 2024. Let's cheer together!

Cryptocurrency Academician: Ethereum (ETH) Latest Market Analysis Reference for May 7, 2024

First, let's review the practical results of Ethereum from yesterday. In yesterday's article, a clear short position was recommended near the current price of 3160, with a stop loss at 3220 and a take profit near 3090. Although this wave was thrilling, it ended safely. Many coin friends were blindly operating based on their feelings. Chasing long positions after the breach of 3200 led to being trapped at the ceiling, ignoring a very serious issue. Whether to counter-trend trade near the resistance level or trend-following short, choosing to counter-trend trade is not advisable. The cryptocurrency academician has reminded everyone more than once to learn to follow the trend. I won't say more about this. Those who have long positions near 3150 without breaking 3200 can take the opportunity to exit.

Looking at the market, it is now half past two in the morning. The overnight U.S. market opened high and went against the trend in the cryptocurrency circle, moving downward. After the daily K-line failed to break through the EMA trend indicator high point pressure level of 3200, it fell continuously below the two major support levels of 3150 and 3090. Attention should be paid to the support level at 3027 below. If it holds, there is still room for a rebound. If it doesn't hold, look down to the major support near 2845. The KDJ has just formed a golden cross but has been pulled back, and the MACD volume has also started to decrease without showing an increase in capital inflow. The DIF and DEA are still in a low-level upward trend, so from the overall market perspective, the bearish trend has not completely formed. Pay attention to the support at the psychological level of 3000.

The panic sentiment is more evident in the four-hour K-line chart. The K-line has fallen below the EMA trend indicator, leading to the continuous breach of the uptrend channel. The KDJ is also spreading downward alternately, and the MACD has formed a bearish cross and started to shrink in volume. The distance between the lower Bollinger Band support at 3060 and the upper resistance level at 3177 is too close, indicating that the main force is starting to contract. The turning point of the ultra-short trend implies a good opportunity to capture. As for how to capture it, you can refer to the following suggestions.

Specifically for ultra-short contract entry:

For long positions, pay attention to the layout in the range of 3030 to 3050 for the first entry point, with a stop loss at the psychological level of 3000. Keep the entry point slightly lower than the trend line to prevent being swept. The exit points are near the pressures at 3130 and 3230. If breached, it may reach 3350; if not, consider exiting near 3200. Keep a good stop loss. After breaching 3000, you can look for opportunities to short the trend and remedy in a timely manner to avoid missing the market.

For short positions, the entry point is near 3220, with defense at 3330 for adding short positions, and a stop loss near 3355. Reasonably distribute the position for entry. The exit points are at 3165 and 3120. (Aggressive traders can gradually exit and continue to look down to the support near 3030 after breaching.)

Real-time market data should be the main consideration for specific operations. For more information, please consult the author. The article is published with a delay, and the suggestions are for reference only. Please bear the risks responsibly.

This article is exclusively provided by the cryptocurrency academician and represents the academician's exclusive viewpoint. There is in-depth research on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of article publication, the above viewpoints and suggestions are not real-time and are for reference only. Please bear the risks responsibly. Reprinting requires proper attribution. 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 summarize where your own problems lie 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's not too late to act after waiting for the trend to become clear. Tomorrow's success comes from today's choices. Heaven rewards diligence, earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses are all in the blink of an eye. Develop the habit of strictly setting stop-loss and take-profit for each trade. The cryptocurrency academician wishes you a pleasant investment journey!

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