ETHEREUM DROP - MAY THE DIPS BE EVER IN YOUR FAVOUR
It has been a ride for the last 12 months as the whole crypto space entered a new cycle of madness. Just on March 9th last year, Ethereum still wandered around 85 USD and at the time of writing, the price marked 346 days of roughly 2,000% increase. What a honeymoon! Nevertheless, as a man running uphill, he needs a pitstop to rest, recover and ready to push himself to a higher limit. And so does Ethereum!
TECHNICAL ANALYSIS
On Feb 20th 2021, Ethereum clocked its new ATH of 2,041 USD (on Coinbase), an aprox 43% increase from its old ATH. At the same time, its price momentum has told a different story as the volume was gradually decreasing by 30% to 50%. As fewer people were willing to pay more for the coin, Ethereum officially exhausted on Feb 22nd 2021 and oh boy ... the sell-off was brutal.
There's not much room for Ethereum to keep running upward. What has been happening for the last 24 hours was simply a technical rebound. Since it is a good time for day traders to scalp profit of the market rebound, Ethereum could surely push to higher price in the next couple of days. As opposed, we still see a greater possibility that the market will re-test 2017 ATH. This is where the market tended to have a major interest to stack up their inventory as that's what happened on Feb 23rd.
MAY THE DIPS BE EVER IN YOUR FAVOUR
Whether you are a day trader, a swinger or long-term holder, it's always a good idea to buy an asset at a discount. It's like going to the supermarket, seeing a bottle of milk with 40% price-drop, maybe you will end up buying even more than what you needed just because the bargain might never happen again.
On the other hand, not every drop yields a high return. You cannot expect to buy an asset at 5%-10% dip in exchange for 100% price-increase. And you will surely never settle for only 5%-10% increase when buying an asset at 40%-50% discount. You don't simply get on your car, drive all the way to the supermarket and stack up heaps of milk bottles just for a few nickels discount. You want a 30%, 40% or even 60% discount to be worth your effort of driving there and stacking all the bottles up in your fridge.
EXPECTATION MEETS MENTALITY
Every dip is a dip, it just depends on your return expectation. Higher dip may yield a much higher return, all you need is patience, dedication and effort. Back to Ethereum, the price dropped nearly 30% in the last few days. Critical support is currently set out at 1288 USD - 1390 USD, and the asset can be even be cheaper with the extreme support at around 1100 USD.
Who knows if this "bottle of milk" can be even cheaper, all we know is that when the "super-market" gives us a deal, we surely take the chance to stack up our inventory at the expected levels.
CURRENT ETHEREUM DOMINANCE
TECHNICAL ANALYSIS
On Feb 20th 2021, Ethereum clocked its new ATH of 2,041 USD (on Coinbase), an aprox 43% increase from its old ATH. At the same time, its price momentum has told a different story as the volume was gradually decreasing by 30% to 50%. As fewer people were willing to pay more for the coin, Ethereum officially exhausted on Feb 22nd 2021 and oh boy ... the sell-off was brutal.
There's not much room for Ethereum to keep running upward. What has been happening for the last 24 hours was simply a technical rebound. Since it is a good time for day traders to scalp profit of the market rebound, Ethereum could surely push to higher price in the next couple of days. As opposed, we still see a greater possibility that the market will re-test 2017 ATH. This is where the market tended to have a major interest to stack up their inventory as that's what happened on Feb 23rd.
MAY THE DIPS BE EVER IN YOUR FAVOUR
Whether you are a day trader, a swinger or long-term holder, it's always a good idea to buy an asset at a discount. It's like going to the supermarket, seeing a bottle of milk with 40% price-drop, maybe you will end up buying even more than what you needed just because the bargain might never happen again.
On the other hand, not every drop yields a high return. You cannot expect to buy an asset at 5%-10% dip in exchange for 100% price-increase. And you will surely never settle for only 5%-10% increase when buying an asset at 40%-50% discount. You don't simply get on your car, drive all the way to the supermarket and stack up heaps of milk bottles just for a few nickels discount. You want a 30%, 40% or even 60% discount to be worth your effort of driving there and stacking all the bottles up in your fridge.
EXPECTATION MEETS MENTALITY
Every dip is a dip, it just depends on your return expectation. Higher dip may yield a much higher return, all you need is patience, dedication and effort. Back to Ethereum, the price dropped nearly 30% in the last few days. Critical support is currently set out at 1288 USD - 1390 USD, and the asset can be even be cheaper with the extreme support at around 1100 USD.
Who knows if this "bottle of milk" can be even cheaper, all we know is that when the "super-market" gives us a deal, we surely take the chance to stack up our inventory at the expected levels.
CURRENT ETHEREUM DOMINANCE
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