Ethereum is set for a massive drop tonight, with a potential fall from $2,250 to $2,000. After crafting a Bitcoin short idea, Ethereum caught my eye, and it's clear that it's the cleaner, safer play right now.
Bitcoin is still correcting and could break down at any moment, but I’m holding back from FOMO. I want my entry to be a confident one, either at the end of this hour or a bit later. Once I’m in, I expect Ethereum to start melting like butter with little to no drawdown. There's no weekend volume to prop up its price, and it's already lost critical support levels.
I’ve marked take-profit zones on the chart, where I believe some support might kick in. After a quick consultation with my younger brother, who’s all in on Ethereum, I have to agree. The risk-to-reward (RR) ratio looks far juicier here. If Bitcoin plunges to $56,000 or lower, Ethereum’s RR could be even sweeter.
At the current price, Ethereum offers an enticing 8RR to $2,250 and a mouthwatering 16RR to $2,000.
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