$ETH has been falling for 30 hours straight—consider trying a small long position
Guys, this latest drop in Bitcoin and Ethereum has been really tough to watch. The news from the US and Iran changes by the day, oil has climbed above 102, rate-cut expectations have taken a beating, and capital is flowing out across the board.
ETH has plunged from above 2700, bottoming at 2535, and is now trading around 2570. After 30 straight hours of gradual declines, most of the leveraged positions that were going to get wiped out have probably already been liquidated, and short-term bearish momentum is clearly fading.
The quick rebound from 2535 shows that buyers are supporting the price at this level.
The market has largely absorbed the macro headwinds, and ETH is now holding above 2560, so I’ve opened a small long position. I’m betting on an oversold bounce as sentiment recovers.
The first target is 2600, where a large number of short positions could be liquidated. Plenty of longs were liquidated yesterday already.
If you’re still unsure and don’t know which way to go, come join the chatroom: #美联储纪要聚焦10月暂停加息
Guys, this latest drop in Bitcoin and Ethereum has been really tough to watch. The news from the US and Iran changes by the day, oil has climbed above 102, rate-cut expectations have taken a beating, and capital is flowing out across the board.
ETH has plunged from above 2700, bottoming at 2535, and is now trading around 2570. After 30 straight hours of gradual declines, most of the leveraged positions that were going to get wiped out have probably already been liquidated, and short-term bearish momentum is clearly fading.
The quick rebound from 2535 shows that buyers are supporting the price at this level.
The market has largely absorbed the macro headwinds, and ETH is now holding above 2560, so I’ve opened a small long position. I’m betting on an oversold bounce as sentiment recovers.
The first target is 2600, where a large number of short positions could be liquidated. Plenty of longs were liquidated yesterday already.
If you’re still unsure and don’t know which way to go, come join the chatroom: #美联储纪要聚焦10月暂停加息