I think ETH has indeed dropped, but I believe it is still too early to be afraid.
Brothers, look at the chart, whether it’s the price chart of ETH or the overall environment, there are no major issues! But we are indeed experiencing a wave of correction. I feel that after this correction, a position higher than the last bottom will form, and I am currently pondering how long this correction will last.
At first, I was wondering if the Federal Reserve meeting would become a pivotal event, but I believe even more that the crypto market is now going its own way! If we want to see a super bull market later this year, we must wash out all these weak hands and shaky chips now!
So this drop may last a few days, or it might drag on for a week or two. This is the feeling I have summed up from my past experience of watching the market, looking at charts, and learning through practice.
But I bet this correction really can’t last too long! Why? Because the overall market environment is improving, and ETH has already dropped a lot compared to its historical peak; there’s much less room for it to fall further than that Bitcoin guy! Bitcoin's price is quite high now, and it could drop at any time. ETH is already cheap, how much more can it drop? You get my point, right?
The key is, a drop is just like that! The risk of opening a short position now is far greater than finding an opportunity to buy and go long! The safest way is still to wait for an opportunity to appear and then buy buy buy. As for shorting? That’s something only experienced traders dare to do, playing with fire. Trust me, this unfortunate-looking price chart will change in just a few days! At that time, everyone’s bullish confidence will return. In the big picture, I am absolutely bullish!
Stay safe. Stay smart. Stay focused. We are in this together.
