Brothers, this market is really tough!!! Neither falling nor rising
This morning, the Ether long position opened at 2660, and it has now dropped to 2646, commonly known as being caught in the analysis
Looking at the K-line chart, ETH rose to 2720 last night and then fell back, indicating that the selling pressure above is still significant, with sellers outnumbering buyers.
I saw a set of data that says: Bitcoin first reached 70k, Ethereum was at 4000; the second time to 70k, Ethereum was at 3900; the third time to 70k, Ethereum was at 3300. This time, Bitcoin reached 70k, but Ethereum is only at 2500.
I don't understand what this data is trying to express? Bitcoin is strong, Ethereum is weak?
When buying assets, do not focus too much on the fluctuations of the asset's price, but rather pay more attention to the intrinsic value of the asset.
To be honest, when the price goes up, you consider it valuable, like those that rose previously, such as Sol, Ordi, etc.
Why were so few people buying at the bottom? Because it hadn’t risen, and it wasn't clear whether they had value, then they were considered trash by the masses?
As a result, when it started to rise, everyone said it was valuable, and now everyone holds it. What happened? Aren't they just stuck? When it drops again, they cut losses and then call it trash, only for it to rise again and become sycophants.
So regardless of how many times Bitcoin rises to 70k now, how Ethereum compares to Bitcoin at 70k, there is no correlation, it will only bring more confusion and anxiety. What we need to do is let the bullets fly for a while, and soon the value of ETH will be reflected.
Today is the 31st, and the month-end closing is coming soon. The volatility will be very large, so be cautious with contract holdings. Additionally, the 5th of next month, before and after the election, are major events in the crypto market, so everyone must pay attention!
Pay attention to the big data in these few days!
Tonight at 8:30, pay attention to the US September core PCE price index year-on-year
Tomorrow night at 8:30, pay attention to the US October non-farm payrolls after the tone.
If these two data points do not have significant negative impacts, Bitcoin is expected to sprint to a new high of 74000, and Ethereum is also expected to rise to 3000; otherwise, it will continue to undergo adjustments
