Chris Weston, Top Trader: Don't Buy ETH When Prices Drop

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Chris Weston, head of research at the Australian trading firm Pepperstone, believes that traders should not rush to buy when the price of Ethereum falls. "As we see on the daily chart, we need to be patient with new orders…" Weston said.

Buy on Momentum Instead of Buying When Prices Fall The trader predicted that the price of this top altcoin is likely to fall to the level of $4,100, which is the "Breakout Level" previously. Weston believes it would be more prudent to wait until others buy in when the price falls and ETH regains momentum. This morning, the price of this leading alternative cryptocurrency fell to a daily low of $4,233, the lowest level since August 12. However, the price of this cryptocurrency has still increased by nearly 15% in August after soaring by 49% in July. The Movement of Altcoin is Still Ongoing Meanwhile, the co-founders of Glassnode argue that altcoins are actually showing remarkable resilience during the recent price correction of BTC, which is a sign that the capital rotation process is currently underway. According to analysts, the rotation phase seems to remain intact at this time.

ETH-0.84%
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