Cryptocurrency Circle Scholar: In just three days, Ethereum (ETH) went from a short squeeze to a waterfall on October 10, causing many leveraged players to go to zero overnight in this round of long and short killing.
The current price of Ethereum is 2490, with both longs and shorts waiting for direction. Some say it will drop to 2300, others say it will bounce back to 2600. Arguing back and forth is actually meaningless. Before the market moves, no one can predict. What we can do is map out the range: when it reaches the position, we act, and when it doesn't, we watch the show. I will teach you a simple method: mark the support and resistance levels well, set reminders, and act when it reaches those levels. This way, you don’t have to watch the market closely, and you won't be driven by emotions.
The daily candlestick has already broken below the lower Bollinger Band at 2522, and has simultaneously broken below the EMA15 and EMA30, with all short-term moving averages turning down. The MACD bearish momentum is still being released. The only good news is that the price is still above the EMA60; this line is the mid-term dividing line for bulls and bears. The TD sell countdown has only reached 3, meaning that the daily level adjustment may not be over yet. Next, we will focus on whether 2450 can hold. If it can't hold, we will have to test 2360 or even lower.
In the four-hour candlestick, all EMA moving averages have been lost, and they are in a bearish arrangement. The EMA15 is at 2533, forming the first resistance; EMA30 and EMA60 are exerting pressure layer by layer. The MACD is near the zero axis, with a death cross and the bearish momentum accelerating. The Bollinger Bands are opening downwards, with the midline at 2567 having changed from support to resistance, and the lower line at 2404 is currently the only technical support. However, it is worth noting that near the recent low of 2443, TD buy counts of 9 and 13 have appeared, signaling short-term oversold conditions. The price bounced from 2443 to 2510 and was brought back down, indicating weak rebound strength, with both longs and shorts repeatedly pulling back and forth here.
Short-term reference:
Go long at 2400 to 2350 for a stop loss of 40 points, with targets looking at 2500 to 2550.
Go short at 2530 to 2570 for a stop loss of 40 points, with targets looking at 2450 to 2400.
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