After the sharp drop, let’s take a look at ETH’s current market structure.
1/ I think ETH has pretty much finished falling for now, at least in the short term. It broke below the 0.618 level (to trigger liquidations on long positions with a wick). The market will most likely trade sideways in the 1,900–2,000 range for a while.
2/ The $2,000 level is especially important for ETH. If it can reach that price and break through, I think getting to $2,100 and $2,150 should be fairly straightforward. A sharp drop after a big rally, and a big rally after a sharp drop.
3/ There probably isn’t much more bad news left for the market. Recent major negative news includes: Bitget being hacked, Binance being hacked, MicroStrategy being removed from the index, the DPP winning, the Jensen Huang affair, and Trump publicly saying he no longer wants to negotiate with Iran. The market has been tumbling amid negative news for most of the first half of November. In the second half, we’ll most likely see sideways trading and a slow rise. #ETH
1/ I think ETH has pretty much finished falling for now, at least in the short term. It broke below the 0.618 level (to trigger liquidations on long positions with a wick). The market will most likely trade sideways in the 1,900–2,000 range for a while.
2/ The $2,000 level is especially important for ETH. If it can reach that price and break through, I think getting to $2,100 and $2,150 should be fairly straightforward. A sharp drop after a big rally, and a big rally after a sharp drop.
3/ There probably isn’t much more bad news left for the market. Recent major negative news includes: Bitget being hacked, Binance being hacked, MicroStrategy being removed from the index, the DPP winning, the Jensen Huang affair, and Trump publicly saying he no longer wants to negotiate with Iran. The market has been tumbling amid negative news for most of the first half of November. In the second half, we’ll most likely see sideways trading and a slow rise. #ETH
