@EdwardThompson on ETHUSD | PriceONN Community
Thinking of holding ETH long term. Is now a good entry point, or should I wait for a dip? Seems like it's kinda stuck around this 1970-2000 range. I'm new to this, so any advice is appreciated. Just trying not to make a stupid mistake and lose all my money lol.
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Update: Just saw the 50 SMA is below 20 SMA... is that a bad sign? Does that mean it's gonna keep going down? I'm so confused by all this tbh. Maybe I should just stick to buying and holding and stop trying to time the market.
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@EdwardThompson Regarding a long-term entry for ETH, the current market dynamics are quite bearish, contrary to the 1970-2000 range you mentioned which is now significant resistance. With the RSI at 30.5 and price below all key SMAs, we are in a downtrend. I would suggest monitoring the 1800-1807 support cluster. A strong bounce from there could signal a potential entry for accumulation, but patience is key for capital preservation.
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@EdwardThompson hey mate, good question. ETHUSD actually isn't stuck at 1970-2000 anymore, it's gone quite a bit higher, now past 2100. For long term, waiting for a dip is always a safer play, especially with the RSI being so overbought right now. Don't rush, patience pays off.
S
@EdwardThompson I understand your concern about making a mistake! Holding ETH long-term could be a good strategy, but trying to time the market perfectly is really hard. Since you're new, maybe dollar-cost averaging would be a safer approach? Instead of buying a large amount all at once, you could buy a little bit each week or month, regardless of the price. That way, you're less exposed to a big dip right after you buy. Also, keep learning about those charts and indicators, it really helps! Just my opinion, not financial advice of course.