May 22, 2024 Grandpa checks in
Ethereum spot ETF speculation has been fully cashed out, and the short-term price of Ethereum has also reached the high point of this wave of market. If you are not doing short-term trading, you can continue to hold Ethereum. Judging from the trend of Bitcoin, I would suggest to use the bottom pick to make waves. I myself sold some 4,000 covered calls. If it breaks through the new high directly, I will sell it at this price, otherwise I will collect some premiums. Considering that Bitcoin has not been able to reach a new high, although Ethereum has the support of ETFs, the probability of an independent market in the short term is not very high.
The next outbreak point of the market may not only come from Ethereum's ETF. Trump announced that he will accept political donations in the form of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin and Shiba Inucoin. The climax of the last bull market, in addition to the approval of Grayscale's trust products, is inseparable from the brand influence of Musk and Tesla. Therefore, if Trump can really win the election this time, cryptocurrency friendliness will become one step closer. In fact, cryptocurrencies have gradually been accepted by Wall Street and the US political circle, and the president's attitude towards cryptocurrencies will largely affect the popularity of cryptocurrencies.
In any case, the market in the next year is worth looking forward to, that is, the real bull market has not yet come. If funds and cash flow allow, you can hold firmly. As for whether there will be a downward trend, it is basically certain, but what is uncertain is how low the price can be. Before this wave of rise, I said that Ethereum at 3,000 is already cost-effective. It is recommended to buy some or place some Put orders first. Therefore, when there are opportunities later, it is recommended to act first, at least buy part of it first. Although there will be similar opportunities, they are not many.
However, the market trend will not turn around quickly, and the upward trend has not yet opened. Whether this wave can go up depends on whether Bitcoin can break through the new high. At present, Bitcoin is still encountering resistance near the pressure of 70,000. In terms of operation, you can still take profit on the positions bought at low prices. Personally, I have already sold the bottom-fishing altcoins. Ethereum has a call of 4,000 next week, which can be regarded as another wave. Of course, I only sold the positions bought in the past two weeks. I have to hold them firmly for the long term.
Thank you for your attention and likes.
