Ethereum has pulled back from a high of more than $3,500 to around $3,100, a pullback of about ten points. So, when will we buy the bottom again?

This pullback was mainly caused by short-term profit-taking and turnover of CEM and Grayscale funds. Grayscale currently holds about $7 billion of ETH to be traded, and it is expected that Ethereum will continue to face selling pressure in the next ten days.

Usually, institutional turnover will not always lead to price declines. The general strategy is to suppress the price first, then pull up a part, and then suppress it again.

In this process, there will be investors covering their positions or panic selling. Once the price rises, some people will chase high. According to the current market trend, Ethereum may pull back to around $3,300 and consolidate for a period of time, and then wait for Trump's speech and BTC's rebound to bring short-term benefits.

With the inflow of funds from good news, Ethereum will have a large-scale turnover again. In the end, it is expected that Ethereum will pull back to around $2,970, becoming a short-term bottom-hunting range. This position can be used as one of our recent entry targets.

Of course, with the pullback of Ethereum or the abnormal movement of altcoins, you can look for some high-quality altcoins during this period for short-term operations.

In general, this wave of wash-out will not last too long and will end soon. Once the institutions complete the turnover, you can expect dividends from ETFs in the future.

#比特币大会 #美国以太坊现货ETF开始交易 #美国大选如何影响加密产业？

(Jun Yang's early review strategy analysis of Bitcoin and Ethereum from Monday to Saturday, long-term recommendation of high-quality coins and live analysis) Click the top of the homepage for consultation