After a night of deep washing of $ETH , last time when ETH surged, the bulls should be feeling numb, and there will definitely be a continuation of chasing the highs, this time is just to wash out the chasing longs!
The main reasons are:
1: The interest rate cuts in September may have already been completed in advance; the whales believe there will be no further rise and choose to sell off, bringing the market down.
2: The Wise King dismissed another Federal Reserve official yesterday, causing market turbulence; this unprecedented action has raised concerns about its impact, leading to a sharp drop in U.S. stocks, which in turn dragged BTC down!
3: WLFI, as a currency of the Wise King's family, has already plummeted since its release. The Wise King has released three, all of which have fallen, causing retail investors to lose confidence!
From a fundamental perspective, various countries are increasing their BTC holdings, indicating that BTC's value is still rising, which is good news for the crypto circle and will not weaken!
The current operational strategy is to primarily take long positions on pullbacks until the results of the interest rate cuts in September are out! The current ETH has already reached a low point; when it previously broke through 4880, it did not drop significantly below 4000, and this time it will be the same; liquidation orders below 4000 are basically safe!
In the crypto circle, if you do not have a good circle and do not have first-hand news from the crypto world, then I suggest you follow me and I'll help you reach the shore, welcome to join the team!!!
