Chris Weston, head of research at the Australian trading firm Pepperstone, believes traders should not rush to buy when Ethereum prices fall. "As we see on the daily chart, patience is needed for new buy orders…" Weston said.
Buy on the Trend Instead of Buying When Prices Drop
The trader has predicted that the price of this leading altcoin could drop to $4,100, which is the previous "Breakout Level." Weston believes it would be wiser to wait until others buy in when prices fall and ETH regains upward momentum.
This morning, the price of this leading alternative cryptocurrency fell to a daily low of $4,233, the lowest level since August 12. However, the price of this cryptocurrency has still increased nearly 15% this August after soaring by 49% in July.
The Rotation of Altcoins is Still Ongoing
Meanwhile, the co-founders of Glassnode argue that altcoins are actually showing remarkable resilience in the recent price correction of BTC, which is a sign that the capital rotation process is currently underway. According to analysts, the rotation phase seems to remain intact at this time.
