CoinCircle Liying: Analysis of the latest Ethereum market in the afternoon of August 28th.
Article release time: August 28, 2024, 12:00.
Ethereum prices have experienced a three-level decline, falling below the 2500 integer support. Where will the next retracement be? Is now the best time to buy the dip? Let's start by analyzing the price trend. Currently, the candlestick pattern on the market clearly shows a downward trend, especially on the 27th and 28th, with a significant drop in prices. Multiple long shadow candles have appeared, indicating significant selling pressure.
The 4-hour MACD technical indicator is in the negative zone, and the DIF and DEA lines are diverging downwards, indicating a strong bearish signal in the market. The RSI value is 22.98, indicating a overall weak trend. The trend indicator EMA is also showing a clear downward trend. The EMA7 has crossed below the EMA30 and EMA120, forming a Death Cross, which further confirms the market's downward trend. The volume has increased significantly during panic selling, while the volume at higher levels is relatively small, indicating strong overhead pressure and insufficient bullish momentum.
Although there has been some recovery in the 1-hour candlestick, there is still strong resistance above. In the current situation where the market trend is not very clear, it is still advisable to choose cautiously and follow the trend in trading, rather than going against the trend and making impulsive decisions. Since the overall trend is bearish, it is currently the most prudent trading strategy to sell at retracement from high levels.
Today's latest reference level.
Buy point at 2400, additional purchase point at 2350, stop loss point at 2320.
Short sell point at 2550, additional purchase point at 2600, stop loss point at 2630.
The above analysis of Linyin is based on market data and trend analysis of the order book, only for reference and does not constitute investment advice.
The content of the article is time-sensitive and is provided for reference only. Please bear the risks.
