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Trader Eugene: I have once again gone long on ETH, not advisable to quickly switch to a short position
BlockBeats News, August 2nd, Trader Eugene Ng Ah Sio posted on his personal channel stating that he has once again gone long on ETH. The bullish sentiment in August was prematurely hyped by the market, but $113,000 BTC and $3,500 ETH are still reasonable entry positions, with stop-loss set below $112,000 and $3,400 respectively.
Although the hype around Data Availability Technology (DAT) may gradually fade, there is still substantial structural buying interest in the current market, so it is not advisable to switch to a bearish outlook too quickly. Many have been jumping back and forth between "bull market return" and "total collapse," yet fail to realize that the market does not follow a simple binary path.
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