- The Ethereum market has plunged a bit during the trading session on Thursday to take back most of the gains from Wednesday.
- At this point, I think we have two sets of traders out here.
- You have short-term traders that will continue to favor the downside and perhaps even go back and forth in a short-term range between $1,800 and $2,000.
There are longer term traders out there that look at this and assume that given enough time, they will see gains. After all, Ethereum has dropped a pretty significant amount. And in fact, you could even take a tool and measure the move to the downside, and it has lost about 60%, so Ethereum is definitely on sale. The question is, would this be the bottom?
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The answer for the longer term investor is, it doesn't really matter. What they're looking at is the ability to dollar cost average. I do think somewhere between 2000 and $1,600, we'll see buyers come back in and take advantage of this. This could be one of those big, huge cycles that if you get in on it, it could be a longer term investment.
Lack of Enthusiasm
That being said, there isn't a lot going on right now that would make me excited about buying Ethereum, but I also recognize that those who are looking out for a year or two or maybe three, completely different scenario. I am approaching Bitcoin in this way, just simply buying on the dip and taking advantage of short-term selling for a longer term gain. I anticipate that there are a lot of people out there doing the same thing with Ethereum, but you have to have the ability to put your money in the market and ignore it for a while. Short-term traders will continue to fade each and every rally as they should. It is an extraordinarily bearish market.
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