When is it safe to buy Ethereum?
Cryptocurrency prices are all over the map. As volatility really shakes this group, first it’s just Bitcoin (CCC:BTC-USD) showing weak signals, then Ethereum (CCC:ETH-USD), Bitcoin Cash (CCC:BCH-USD) and others. start to shake It was quite interesting to look at this group. Source: Shutterstock InvestorPlace ̵1; Stock Market News Stock Guide and trading tips in February Highest-growing tech stocks hit their peak. Leading to a quick and painful bear market in this segment, low-quality SPACs with no revenue and other speculations dropped 70% to 80%, high-quality and high-growth companies fell 40% plus. It was a big pullback. But cryptocurrencies It appears to be doing well. Bitcoin peaked in April on the same day as Coinbase’s (NASDAQ:COIN) launch above for Bitcoin was a red flag for cryptos. However, Bitcoin did not immediately turn around. but pulled back from a height It then drifted aimlessly until May, at which point Ethereum, Dogecoin (CCC:DOGE-USD) and others ripped higher. Now the whole group is volatile. What does the chart say about Ethereum? Trading Ethereum after the downturn Click to enlarge source: Chart courtesy of TrendSpider In early April, Ethereum broke through resistance, clearing $2,000 in the process. The previous resistance of cryptocurrencies became support. This helped pave the way for a rally above $4,000. However, those prices couldn’t last and Ethereum crashed into the world. From the highest to the lowest, it was down 60.5%. The decline took only a few days to find. It emphasizes how much this area can change. On the way up and down, 7 cheap stocks that have paid dividends for both their returns and cash flow, despite Ethereum’s recent losses. But there are some monetary factors. First, the area near $2,000 that the currency reached during the previous breakout is support after a strong pullback. Second, the 21-week moving average is also supportive. Therefore, we have a point of reference to watch as the currency declines. However, Ethereum has its challenges as well. The 50-day moving average continues to act as resistance. And there’s the question of whether Ethereum can reclaim $3,000 to $3,250 without at least one drop before. If the currency clears $3,000, keep an eye on $3,250, which is an estimated 21-day moving average. If Ethereum climbs above that point, the $3,500-plus level will be in play. On the negative side, I wouldn’t hate retesting the $2,000 area, which is. Approximately 21-week moving average If that point cannot be maintained We may see a test of the 200-day moving average and a test of the previous all-time high at $1,425. Such declines should create a fairly good buying opportunity for Ethereum crypto investors to be safe to buy. or not? Investors need to understand certain things when it comes to Cryptocurrencies: This group is incredibly volatile! I don’t have to be a diehard bison when it comes to groups either. They have meaningful usage and limited and controllable supply volumes. Quite interesting, especially Ethereum. The currency has some interesting and useful features. That’s one reason why so many people believe that paying for things is convenient. And why is NFT always bought? That said, this group is so volatile that it’s hard to imagine being widely used around the world. Not to mention the regulatory headaches that come with it or the fact that almost every government in the world will fight it. Simply put, I don’t think Bitcoin, Ethereum or any other digital currency can replace the US dollar. But that doesn’t mean we can’t make money with this group or think they’ll disappear. We have to keep in mind that Ethereum more than doubled, up 128.4% in just 42 days, from a high it took just 11 days to drop more than 60%. Isn’t that the stability the reserve currency needs? Is Ethereum safe to buy? not? I don’t think cryptocurrencies will disappear, but the extreme volatility will prevent many investors from calling Ethereum “secure.” There are a handful of cryptos that might dominate, Bitcoin is clear, but Ethereum should be good too. That’s why I bought these names when I was weak. by using a portion of the portfolio of assets for speculation I’d love the opportunity to buy Ethereum between $1,400 and $2,000, even if that opportunity may have passed. (whether directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are the opinions of the author. under the rules of publishing InvestorPlace.com Bret Kenwell is Manager and Author of Future Blue Chips and is on Twitter @BretKenwell in addition to InvestorPlace Stock Prodigy, who discovered NIO for $2… said Buy this Now, it doesn’t matter if you have $500 or $5 million in savings. Like this, the top stock picker reveals his next 500% potential winner. The post When is It Safe to Buy Ethereum appeared first on InvestorPlace