Academician of the Cryptocurrency Circle: How to layout for the Ethereum (ETH) downtrend on June 24? Latest market analysis reference

The current price of Ethereum is 1660. Who else has withstood this round of selling besides us? From 3400 it plummeted to 1500, and now it has finally rebounded to 1660, only to be pressed down again. The daily K-line has broken all short-term EMA moving averages, and the downward trend continues. From a technical perspective, the EMA15 and EMA30 have formed a death cross downward, and the price continues to operate near the lower Bollinger Band, indicating heavy short-term selling pressure with no strength to rebound. MACD is still in a weak range. In terms of Fibonacci support levels, the current price is close to the 100% retracement level of 1503, with strong resistance at 78.6% of 2242. If it cannot break through the EMA15, the southward trend is highly likely to continue.

The four-hour K-line has once again broken below the EMA15 and EMA30 moving averages, and the short-term rebound has declared failure, re-entering the downward channel. The Bollinger Band opening has expanded again, and the price is running along the lower track, indicating that the downward momentum is releasing once more. The MACD indicator's DIF has crossed below the DEA forming a death cross, with green bars starting to increase in volume, clearly showing short-term weakness. The Fibonacci 23.6% resistance level at 1730 is the current watershed; the price has tested it multiple times without breaking through, instead being pressured to fall back. Support looks towards the previous low of 1503; if it effectively breaks down, it will trigger a new wave of downward trending.

Short-term reference: Safety first. Remember that there are no certainties in the market, so be sure to set proper stop-losses. Safety first, aiming for small losses and big profits is the goal.

If the price does not break below 1560 to 1530, aim upwards, with a stop-loss at 50 points and a target of 1630 to 1680.

If the price does not break below 1680 to 1720, aim downward, with a stop-loss at 50 points and a target of 1650 to 1600.

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