This time, Ethereum has pulled back from more than 3,500 to around 3,100, a pullback of about ten points. So when will we buy the bottom again?
First of all, the main reason for this pullback is the short-term profit-taking and the turnover of CEM and Grayscale Fund. At present, Grayscale still has about 7 billion US dollars of ETH waiting to be traded, so there will be a continuous selling pressure on Ethereum in the next ten days or so!
If institutions want to change hands, it will not keep falling. The normal idea is to hit ten points, pull five points, and then hit ten points. In the process of hitting, some people will cover their positions or panic sell. When it goes up, some people will chase high. According to the current market trend, Ethereum may pull back to around 3,300 for consolidation, and then wait for Trump to speak, BTC will start a wave, bringing short-term benefits.
Later, Ethereum will take advantage of the favorable funds to carry out a large number of turnovers, and finally Ethereum will pull back to around 2,970, a short-term bottom-hunting range. This position can be used as one of our recent target points, which is also the first entry point of this wave.
Of course, there will be some changes in the pullback or rise of Ethereum. During this period, you can find some high-quality altcoins and do short-term trading. This wave of wash-out will not last long and will end soon. The funds of institutions will be changed hands, and then you can wait for the dividends of ETFs.