Let's analyze the recent trading ideas:
Since the end of June, I have been aggressively pursuing long positions.
The reason for the recent low market activity is twofold: on one hand, large transfers by whales in the top ten Bitcoin addresses have caused panic selling, leading to a drop in BTC and dragging down the overall market. On the other hand, the impact of tariffs from the understanding king and the short selling by ETH whales have also contributed to the recent low market activity with continuous fluctuations and declines.
However, these news events have a lagging effect; by the time we see them, the market has already moved in advance [this is also what capital wants us to see]. Therefore, there is not much space left for further declines. It is normal for a bull market to wash out positions, with continuous inflows into spot ETFs and institutional investors increasing their holdings, leading to higher price support levels. Our trading strategy should primarily focus on buying on dips.
Yesterday, the CPI data was released in line with expectations [which is positive], resulting in a brief market rally. However, there was significant selling pressure when the US stock market ETF opened, causing Ethereum to plummet to around 2970.
As the selling pressure from the US stock market opening was mostly digested, large buying volumes entered the market, and Ethereum began to rebound, forming a double bottom on the hourly chart around the 2950-2970 range, establishing a new support level.
Therefore, at the 2960 level, I decisively entered ETH long positions in line with the trend. The short-term selling pressure at 3050 is relatively strong, so I chose to take profits for now and wait for new entry points.
Recent areas of focus: SOL [speculation on spot ETFs]
