Ethereum is awaiting the approval of the ETH ETF, which currently cannot happen due to the government shutdown. Once the government shutdown is over and normal practice resumes, as long as the ETH ETF gets approved then we should be Gucci.
My expectation is a revisit to the most recent low or potentially lower. My extended low targets would sit around 2300-2500 but initially I am not expecting much lower than 2900-2950. The 9H RSI has broken out of its support zone and is now retesting the bottom of that trendline, similarly the Daily is doing the same. This is the rejection we are looking for around 3400-3500, which will drive the price down.
If we get a scenario where BTC is not pumping as strongly then its possible people/business could transfer their BTC ETF holdings and swap them to ETH ETF holdings if the opinion is well BTC isnt pumping much or as stongly as ETH.
This idea is powered by the NakedNation community and BareNakedCrypto who you can find on socials and streams on Kick. Low key the goat!
This is not financial advice, I am not a financial advisor. It's just a bit of fun.
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Im leaving this active for the moment, but with the way the hourlies have formed lower highs, I do feel like price could just rip through the buy zone. We were only $20-30 off of the trade entering from last night, and you could have made a pretty penny off of it.
All in all pretty accurate analysis considering I put it down 10+ days ago, expecting price to revisit these zones, but energy in the market does feel a bit sus.
The weekly, 5D, 3D all feel like they are a bit to oversold but if they do anything along the lines of extending in the oversold any more then we could be entering a bear market not to far from now.
I think with a tight stop loss this still isnt the worst trade, but I would want to manage it closely.
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If you took this trade. If its a spot buy hold onto it, I think its solid. I dont expect the market as a whole to retrace much more than 20-30% from here if it does, which if thats unsustainable for you then get out now you will probably be able to find a better position. If you leverage traded it, then you had a good chance to get out with a reasonable profit at 3174. or anything 3100+ tbf.
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