5.22 Thoughts
Current Market Observation of ETH
The way ETH is moving is enough to fray one's nerves; 2600 feels like a magnet,
having tested 8 times in the past 10 days, and in the last three days has clocked in on time every day.
Although the bottom is slowly rising, every time it looks like it will break through, it gets knocked back down,
players in harmony are probably exhausted from the washout.
The key point lies in BTC's attitude:
If BTC can hold above 110,000, ETH will likely follow suit and break through 2800, even pushing towards 2800, or even 3000 (altcoins will also collectively get agitated).
However, if BTC pulls back by 5%+, ETH is likely to lead the sell-off, and a fluctuation of over 10% is a disaster for altcoins.
My strategy:
Fresh Goods: Hold the base position steady, confirm the break above 2800 before adding to the position.
In Harmony: Unless there is a significant breakout of the range, do not easily open positions (avoid spike trading).
Altcoins: Maintain a wait-and-see attitude until ETH breaks through, and then reassess.
Right now, the market feels like a tightly compressed spring; it will either break out violently or undergo a deep correction. The only certainty is that—this won't last long!
Keep a close eye on BTC's test of 110,000, this will be the lifeline for ETH and altcoins.
