Will #Ethereum Drop to $3,000? Essential Tips for Traders ->

1-10) The rally into the Ethereum ETF launch is finally over. All crypto listings have seen a ramp-up into the launch, only to become a sell-the-news trading opportunity. This was the case in December 2017, April 2021, October 2021, January 2024, and now again in July 2024.

2-10) The launch of the Ethereum ETF coincided with the first Bitcoin distributions from Mt. Gox, which could put selling pressure on the crypto market. The US tech earnings season is off to a poor start, with 40% of the market capitalization reporting next week. Expectations are likely too high, and guidance will be more conservative as consumer spending takes a hit. Alphabet and Tesla sold off hard after their earnings.

3-10) If this trend continues, crypto will need more help to rally. Ethereum might be the weakest link, where fundamentals (new users, revenues, etc.) have been stagnant or lower. Ahead of the ETF launch on Tuesday, we expressed our bearish view that Ethereum was overbought, setting up for an excellent short trade—as we wrote, ‘decent risk/reward short opportunity’. Ethereum has already declined by -6% since our report.

4-10) Read the full report here: https://x.com/10x_Research/status/1816281995393261903