đ„đ„Trade Analysis 39: $ETH - When is a Good time to Buy Low?
ETH price has dropped 39% from $3480 to a low of $2112 since the launch of the Ethereum ETF on July 23rd. Unlike Bitcoin, the Ethereum ETF hasn't significantly boosted ETH's price yet. So, where might ETH be headed next?
Is it a good time to buy ETH now?
Let's break down potential scenarios for ETH:
1. Consolidation: ETH might trade sideways between $2600 and $2800 for a while before establishing a clear direction. In this case, wait for a more definite market breakout before trading, as there's still a possibility of ETH dropping further.
2. Continued Rise: If ETH continues to rise, expect strong selling pressure around the $3300 and $3550 levels. However, consider the overall market sentiment if you decide to go long.
3. Bearish Drop: Alternatively, ETH could drop back to the $2100 level. As always, monitor trading volume. If the price falls to $2100 with lower volume and a higher RSI, it could indicate that the price is building a base at this level. This might present a good opportunity to buy low.
That's it for today $ETH Trade Analysis. I hope this short analysis help you make smarter trade decision.
Trade Smarter! Peace Out ;)
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