First, let’s review the call. I was very clear in yesterday’s candlestick post: BTC needed to hold above 81,200 before looking higher; a drop back to the 80,700 golden-cross level would invalidate the bullish thesis. Today’s move proved me completely wrong: BTC plunged to 76,300, never even coming close to 81,200. ETH had it worse, crashing from 2,436 to 2,206 in a single day. It’s now at 2,231, down more than 8%—a steeper drop than BTC’s.
Looking at the chart, that death cross at $ETH 2400 is still looming overhead. I said on October 24 that if ETH couldn’t reclaim 2,400, we’d look at 2,360 and then 2,300. It broke below 2,300 too, invalidating the double bottom. Now there’s another death cross forming around 2,231. A bullish divergence is starting to appear, but let’s be honest: this is just a breather after an excessively sharp drop, not a reversal signal. Don’t see a divergence and immediately start calling for a bottom.
The US nonfarm payrolls report comes out tonight at 21:30. The forecast is 59,000 new jobs, versus just 29,000 previously, with unemployment at 4.2%. Once the data is out, ETH will likely head toward either 2,400 or 2,000 first. My stance: bearish, but don’t chase shorts. Shorting at this level is asking to get wrecked, and trying to catch the bottom is even more dangerous. Let’s wait for the jobs report. This is my personal opinion, for reference only.
#USOctoberNFP-AreRateCutsStillPossible #Ethereum #ETH
After tonight’s jobs report, will ETH hit 2,400 first or 2,000? Pick a side in the comments.
Looking at the chart, that death cross at $ETH 2400 is still looming overhead. I said on October 24 that if ETH couldn’t reclaim 2,400, we’d look at 2,360 and then 2,300. It broke below 2,300 too, invalidating the double bottom. Now there’s another death cross forming around 2,231. A bullish divergence is starting to appear, but let’s be honest: this is just a breather after an excessively sharp drop, not a reversal signal. Don’t see a divergence and immediately start calling for a bottom.
The US nonfarm payrolls report comes out tonight at 21:30. The forecast is 59,000 new jobs, versus just 29,000 previously, with unemployment at 4.2%. Once the data is out, ETH will likely head toward either 2,400 or 2,000 first. My stance: bearish, but don’t chase shorts. Shorting at this level is asking to get wrecked, and trying to catch the bottom is even more dangerous. Let’s wait for the jobs report. This is my personal opinion, for reference only.
#USOctoberNFP-AreRateCutsStillPossible #Ethereum #ETH
After tonight’s jobs report, will ETH hit 2,400 first or 2,000? Pick a side in the comments.
