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Scholar in the cryptocurrency circle: November 16, 2024 Ethereum (ETH) latest market analysis reference

The current price of Ethereum is 3032. It is now 3:25 AM Beijing time. I reminded everyone yesterday not to go long at 3100. The entry point was clearly given. The upper pressure level is hard to reach because Ethereum has failed to reach the expected pressure level in the last two pullbacks. Yesterday, I provided the key pressure level for shorting at 3180 to 3210. The daily candlestick chart showed a high of 3130 and a low of 3014. I suggested going long at 3040, with a target of 3100. This short-term space of 60 points during the day can yield profits as long as one is not greedy. Enough small talk.

Looking at the daily candlestick chart, the three black crows indicate a bearish trend. Whether it can pull back to the EMA15 trendline support at 2950 is currently a key focus. The MACD volume is continuously decreasing, and both DIF and DEA are starting to contract. The upper Bollinger Band is too high at 3420, while the middle band has stretched to 2800. After the KDJ forms a downward dead cross, it begins to spread, and the pressure level moves down again. This pullback can continue to short at high levels as long as it does not break 3150 after the daily candlestick opens at 8 AM. If it breaks, exit with a small loss, and the bearish trend continues.

The four-hour candlestick chart shows a clear head and shoulders pattern, continuously breaking down through the EMA trendline. Additionally, the current dead cross formed by EMA15 and EMA30 indicates a trend that has broken the EMA60 support at 3030. The MACD is showing a rollercoaster effect with decreasing volume, and both DIF and DEA have broken below the zero line, entering a bearish trend. The Bollinger Band pressure level is moving down, with the middle band dropping to 3145. Overall, considering the effective head and shoulders pattern, it is advisable to focus on shorting at the key pressure levels above, while waiting for the low levels to consider going long after the pattern ends.

Short-term reference: Safety first. Remember that the market is never 100% certain, so always set stop-losses. The goal is to minimize losses and maximize gains.

Shorts at 3100 to 3150, with a stop at 3200, stop-loss of 50 points, and a target of 3050 to 3000. If it breaks, look for 2950 to 2900.

Longs at 2950 to 2900, with a stop at 2850, stop-loss of 50 points, and a target of 3000 to 3050. If it breaks, look for 3100 to 3150.

Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication, so the suggestions are for reference only, and risks are to be borne by the reader.

This article is exclusively contributed by the scholar in the cryptocurrency circle and represents the scholar's unique perspective. In-depth research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above views and suggestions may not be real-time and are for reference only. Risks are to be borne by the reader. Please indicate the source when reprinting. Manage your positions reasonably and avoid heavy or full positions. The scholar also hopes that all investors understand that the market is always right. If you are wrong, you should reflect on where the problem lies. Do not let the profits that should be yours slip away. There is no need to be smarter than the market. When a trend comes, respond to it; when there is no trend, observe and remain calm. It is not too late to act once the trend becomes clear. Tomorrow's success stems from today's choices. Heaven rewards diligence, the earth rewards kindness, humanity rewards sincerity, business rewards trust, industry rewards excellence, and art rewards passion. Gains and losses often occur unexpectedly. Develop the habit of strictly setting stop-losses and take-profits for each trade. The scholar in the cryptocurrency circle wishes you happy investing!

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