The current situation in the cryptocurrency market has sparked discussions among traders about strategies for buying Ethereum and other altcoins. The head analyst at Pepperstone shares his insights.
The Need for Patience in Buying Ethereum
Chris Weston, head of research at the Australian trading firm Pepperstone, remarked that traders should exercise patience and not rush to buy Ethereum in a downturn. 'As we see on the daily chart, the time for patience on new longs is needed…' he stated.
Discussion on Altcoin Resilience
According to the co-founders of Glassnode, altcoins are indeed showing notable resilience during Bitcoin's recent price correction, indicating a capital rotation in progress. 'Altcoins showing notable resilience vs BTC’s recent drop — a strong sign of capital rotation underway,' analysts emphasized.
Market Forecasts Ahead
Weston predicted that the price of Ethereum could potentially drop back to $4,100, which is the previous breakout level. Currently, the price of Ethereum fell to $4,233, marking its lowest level since August 12. Nevertheless, Ethereum remains up nearly 15% in August following a 49% surge in July.
In conclusion, analysts highlight the importance of caution in the current market conditions while altcoins continue to exhibit resilience. Investors are encouraged to carefully assess their actions before making purchases.
