Trader Eugene: Has Gone Long on ETH Again, Advises Against Turning Bearish Too Quickly

BlockBeats News, August 2 — Trader Eugene Ng Ah Sio stated on his personal channel that he has once again gone long on ETH. He noted that bullish sentiment for August has been embraced by the market too early, but believes that $113,000 for BTC and $3,500 for ETH remain reasonable entry points, with stop-losses 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 in the current market, so it is not advisable to turn bearish too quickly. Many people swing back and forth between “the bull market is back” and “it’s all over,” failing to realize that the market is not simply a binary choice between these two extremes.