Today is October 28, 2024, Monday. Although Ethereum's performance has been quite disappointing for nearly half a year, many investors who were optimistic about Ethereum have gradually lost confidence. From the annual chart, Ethereum's opening price in 2024 was $2281, and it is currently at $2500, which is not even a ten-point increase.
However, we can also see that since 2021, the project team has been continuously improving the fundamentals of Ethereum. From the London upgrade to the Ethereum 2.0 merger, and then to the Shanghai upgrade, followed by the Cancun upgrade, especially during the bear market from 2022 to 2024. Although there hasn't been a halving benefit like Bitcoin, Ethereum, as the operating system of the blockchain world, has undeniable value and significance. Short-term disappointments do not represent long-term value, and the undervalued market cap will eventually see strong recovery!
Especially now that institutions like BlackRock have already entered the market, Ethereum remains the most reliable value target besides Bitcoin.
This week is a macro big week. Key news to focus on includes Friday's non-farm payroll data and unemployment rate data, the last important economic data before the election. Federal Reserve officials have almost no speaking arrangements this week. As the election approaches, the market's attention to this election is lower than expected, but the election still carries a strong degree of uncertainty.
Regarding the current spot layout, Ethereum remains one of the most reliable targets. The trend will come in just a month or two, but the waiting process is indeed torturous and long. I believe value targets will eventually return to their rightful prices; just be patient with your positions! In the short term, we can first focus on $2560. Only a volume breakout at this level will allow Ethereum to potentially open up upward space.
This morning, the A-shares opened slightly lower. CFX continues to be a dollar-cost averaging investment. I believe there will definitely be a wealth effect in A-shares before the end of the year. After the Spring Festival, the real focus will be on 2025, and we are just getting started. With the macro conditions remaining loose, the market's rise is just a matter of time. Therefore, only by continuously dollar-cost averaging and patiently waiting can we achieve ideal returns in the future.
There are always opportunities in the market. OM has already risen more than a hundred times from the bottom. Buy when no one cares, sell when there is a crowd. The current low trading volume in the market is largely due to Bitcoin's continued high volatility for seven months. The time for a change is approaching. As long as Bitcoin breaks through new highs, it will then surpass 80,000, 90,000, and 100,000, reigniting market sentiment. None of this has happened yet, but I personally believe it will come; it's just a matter of time. Before the bull market arrives, there are still opportunities. If everything has already happened, then there will be little profit space left for us.
Let's keep it simple for today. See you in the next issue!
