Coin Circle Liying: Ethereum's latest market analysis in the afternoon of 8.28.

Article release time 2024.8.28, 12:00.

Ethereum's price has experienced a significant drop, breaking through the 2500 integer support. Where will it retest next? Is now the best time to bottom fish? Let's first analyze the price trend. Currently, the candlestick pattern on the market clearly shows a downward trend, especially on the 27th and 28th, with a significant price drop. 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 an overall weak trend, and the EMA trend indicator shows a clear downward trend. The EMA7 has crossed below the EMA30 and EMA120, forming a death cross, further confirming the market's downward trend. The increasing volume indicates serious panic selling, with relatively smaller volumes at higher levels, indicating significant overhead pressure and insufficient bullish momentum.

Although there has been a rebound on the 1-hour candlestick, the upper resistance remains strong. In the current situation where the market trend is not very clear, it is still necessary to choose cautiously, follow the trend to operate, and avoid trading against the trend. Since the major trend is bearish, the most prudent trading strategy is to continue to short at the high after a retracement.

Today's latest reference position.

Long position at 2400, additional position at 2350, stop loss at 2320.

Short position at 2550, additional position at 2600, stop loss at 2630.

The above analysis and conclusions drawn by Lijing based on market data and trend analysis of the order book, are for reference only and do not constitute investment advice.

The content of the article is timely and for reference only, and risk is self-borne.