ETH is down nearly 3%, but 76% are still Long. Could they have successfully caught the bottom?
I checked the prices this morning and saw a sea of red: -2.94%. I had to pause for a moment. Then I looked at the on-chain data and saw that 76% of accounts are still holding Long positions. We Ethereum folks really do have incredible conviction. 💪
Honestly, I’ve been through a few cycles, and it feels awful to sit on losses while the market keeps slowly sliding down. I remember back in the day, $ETH was once king, and dips like this were usually seen as buying opportunities. But things are different now: supply and demand have changed, and money isn’t flowing in as freely as before.
Is the road back to breakeven still long, or are we close? I think only time will tell. Hopefully, those 76% have spotted some catalyst that I haven’t. As for me, I’ll sit this one out and watch.
For informational purposes only, not investment advice. DYOR.
#ETH
I checked the prices this morning and saw a sea of red: -2.94%. I had to pause for a moment. Then I looked at the on-chain data and saw that 76% of accounts are still holding Long positions. We Ethereum folks really do have incredible conviction. 💪
Honestly, I’ve been through a few cycles, and it feels awful to sit on losses while the market keeps slowly sliding down. I remember back in the day, $ETH was once king, and dips like this were usually seen as buying opportunities. But things are different now: supply and demand have changed, and money isn’t flowing in as freely as before.
Is the road back to breakeven still long, or are we close? I think only time will tell. Hopefully, those 76% have spotted some catalyst that I haven’t. As for me, I’ll sit this one out and watch.
For informational purposes only, not investment advice. DYOR.
#ETH