EthereumLong
ETH Refusing to go down.
I have been watching ETH very closely and in my opinion, ETH has shown a consistent refusal to drop below $2600. Despite numerous events, and warnings from those who have been predicting a big drop, whenever the price has dipped below $2600 it has snapped back above, and in fact has tried repeatedly to push higher but seems to have strong resistance around 2800-2900. But mainly, I am interested to see this stubborn support at 26K. I can only think that better minds (institutions, whales?) than me must know something that I dont - mainly that $2600 must be a bargain - and are snapping it up the minute it dips below 26K.
In just the last half hour, it has happened again. A quick drop to the $2560 region, with a quick snap up above $2610. Therefore, I have to go with what I see, and there wouldn't be this consistent buying below 26K if ETH was either overvalued, or facing an imminent plunge of any significant scope or duration. Also, I do feel that ETH is gaining dominance over BTC. with it's clear strength, versus the BTC slow decline.
So in my opinion, I would be putting my money into ETH if I only had one investment to make. It is possible that something could suddenly change and there could be a more significant drop below 26K than we have seen. I think it would have to be a general market decline for this to happen. However, again based on this strong support at 26K, I think any such drop would be limited in scope and duration. I therefore am calling it now - long on ETH at 26K and buying any dips.
I always appreciate and respect any and all input or opinions, even those that differ from mine. I'm still a student after decades of investing and welcome all learning opportunities.
In just the last half hour, it has happened again. A quick drop to the $2560 region, with a quick snap up above $2610. Therefore, I have to go with what I see, and there wouldn't be this consistent buying below 26K if ETH was either overvalued, or facing an imminent plunge of any significant scope or duration. Also, I do feel that ETH is gaining dominance over BTC. with it's clear strength, versus the BTC slow decline.
So in my opinion, I would be putting my money into ETH if I only had one investment to make. It is possible that something could suddenly change and there could be a more significant drop below 26K than we have seen. I think it would have to be a general market decline for this to happen. However, again based on this strong support at 26K, I think any such drop would be limited in scope and duration. I therefore am calling it now - long on ETH at 26K and buying any dips.
I always appreciate and respect any and all input or opinions, even those that differ from mine. I'm still a student after decades of investing and welcome all learning opportunities.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.