Cryptocurrency Circle Liying: Selling at High Position on 11.16, the Main Force is in Action! Can Ethereum Make a Comeback? Latest Market Analysis

Article Published on 2024.11.16 ---- 02:15

Ethereum's current price is 3036. After waiting for a day, there has been no decision to enter the market. The trend is currently testing the bottom support and has continuously broken previous lows, falling from 3100 to 3050, and finally breaking below 3020, indicating that there is still a possibility of further bottoming out. The upward momentum is insufficient, and Liying's suggestion is to wait until the decline stops before choosing a direction; do not rush to enter the market for now.

First, let's analyze the price trend. The current K-line pattern on the market shows a clear downward trend. The price has gradually fallen from the high of 3375 on the 12th to the current 3028. In the 4-hour cycle, there have been multiple long upper shadows and bearish candles, indicating heavy selling pressure from above, and the main force is still unloading. Continuous selling has occurred at high positions, and the technical indicator MACD in the 4-hour cycle shows that the MACD histogram remains negative and is expanding. The DIF line and DEA line have formed a death cross and are diverging downwards, indicating that bearish strength is increasing.

The Relative Strength Index (RSI) is hovering around 42, not entering the oversold zone but below 50, indicating a weak market. The trend indicator EMA currently shows the price below EMA7 and EMA30, with short-term moving averages in a bearish arrangement. EMA120 still serves as long-term support. Trading volume is increasing as the price declines, with bears continuing to exert pressure, leading to consecutive breaks of previous lows. It cannot be ruled out that the main force will continue to unload. Liying suggests patiently waiting for the market to stop declining before choosing a direction.

Today's Latest Reference Points

Long Entry at 2950, Add at 2900, Stop at 2870, Target at 3100

Short Entry at 3100, Add at 3150, Stop at 3180, Target at 3000

The above analysis is based on market data and trend analysis and does not constitute investment advice. For reference only. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying has experienced 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 unpredictable 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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