According to BlockBeats, trader Eugene Ng Ah Sio has announced on his personal channel that he is once again going long on Ethereum (ETH). He noted that while the market's bullish sentiment for August might have been prematurely embraced, he still considers $113,000 for Bitcoin (BTC) and $3,500 for ETH as reasonable entry points, with stop-losses set below $112,000 and $3,400, respectively.
Despite the potential decline in hype surrounding data availability technology (DAT), Ng Ah Sio believes there is still substantial structural buying in the current market. He cautions against a hasty shift to bearish sentiment, emphasizing that many traders oscillate between extremes of "bull market return" and "complete collapse," without recognizing that the market does not necessarily follow a binary trajectory.
