Stop reacting reflexively just because an integer-level barrier is reached.
BlockBeats reported on Oct 4, citing HTX market data: $ETH broke above $2,700, with a 24-hour gain of 0.75%. $2,700 is a common psychological level and also a position where long and short positions are easy to reprice. Once it’s broken, trend-following funds may continue to watch Ethereum’s main storyline.
For holders, the key is whether spot buying and on-chain capital can keep the momentum going; for short-term traders, if the trading volume doesn’t keep up after the breakout, the price is likely to pull back and test the $2,700 area for support, so it’s not advisable to chase the price blindly.
One thing to watch is whether, after the integer level is surpassed, capital continues to pile in—this determines how strong the support is. Another thing to watch is that if volume fails to catch up, it’s also not unusual for a pullback to test nearby support to occur. Which do you care about more: spot buying momentum continuing, or waiting to see the pullback and support first?
Figure 1: ETH breaks above $2,700 · Source: partial screenshot of the page
Image source: https://www.theblockbeats.info/flash/370215
BlockBeats reported on Oct 4, citing HTX market data: $ETH broke above $2,700, with a 24-hour gain of 0.75%. $2,700 is a common psychological level and also a position where long and short positions are easy to reprice. Once it’s broken, trend-following funds may continue to watch Ethereum’s main storyline.
For holders, the key is whether spot buying and on-chain capital can keep the momentum going; for short-term traders, if the trading volume doesn’t keep up after the breakout, the price is likely to pull back and test the $2,700 area for support, so it’s not advisable to chase the price blindly.
One thing to watch is whether, after the integer level is surpassed, capital continues to pile in—this determines how strong the support is. Another thing to watch is that if volume fails to catch up, it’s also not unusual for a pullback to test nearby support to occur. Which do you care about more: spot buying momentum continuing, or waiting to see the pullback and support first?
Figure 1: ETH breaks above $2,700 · Source: partial screenshot of the page
Image source: https://www.theblockbeats.info/flash/370215
