Welcome back,
Crypto market has finally started to make the run for Ethereum and Altcoins, and while it is a good sign for us who are holding the altcoins, there is something we need to look at. In this this blog, I am going to talk about it, so stay with me till the end to know what are those things that you have to look at so that you don't end up losing money this time.
Ethereum has crossed $4,300 at the time of writing this blog, and this is a level for Ethereum that we have not seen in the last few years. That is why the entire crypto market, especially the tokens that come from the Ethereum ecosystem, are reacting in a good manner. LDO has pumped quite nicely, ETHFI has pumped quite nicely, and thankfully I was holding both of them in my spot wallet.
The other altcoins are also performing, and a few tokens are already breaking their resistances. But what is the reason behind this? Ethereum crossing $4,300 was the reason why altcoins broke a major resistance, and you can see that in the screenshot below. The altcoin market cap has given a breakout, and if we get a weekly closing above this, we are surely going higher. That will be the altseason for us, but if the weekly closing is below this line, we might have to wait for another few days to get confirmation on altseason.
The thing you have to remember is, even the altseason will not be able to give you 5-10x on most of your crypto holdings. So make sure you have your target in a realistic manner. Target around 100-200% for most of the coins, especially the ones with a market cap above 1 billion dollars. For the low cap coins, you can go for 4x maximum, I think that is the safe side for them. But don’t expect the market to give you 10x returns this time because the market is matured, and the big players have already entered. They are not going to let you make 10x money on your investment. It’s something they will never want to happen.
This morning was quite interesting for me because most of my holdings were going up, especially Leo token, which went to 19 cents while last night it was at 14 to 15 cents. That is a massive gain Leo token has given. I am going to hold it for this year. I know Leo is going to break records, and I want to be with Leo when it reaches there.
For now, the last piece of advice I want to give to the people reading this blog is to stay away from future trading. The market is very manipulative right now. Ethereum might create a new all time high or we might even go and test the levels below $4000 because that's where the new support is right now. In the next few days, we will get a more clear picture of how things are going to work.
For now, I am still not fully bullish on Ethereum because for that we have to break the $4500 USD level, and I don’t see that happening anytime soon. But if it happens, then it will be beneficial not only for Ethereum holders but also for people holding tokens from the ETH ecosystem, and obviously, other altcoins will also pump.
The long term target for Ethereum should be between 5,000 to 6,000 US dollars because I think a new all time high will definitely be within this range or more. So, I am going to hold my bags on Ethereum. My spot holdings are not going anywhere. Ethereum is what I am going to hold for at least this year, and maybe then I am going to make an exit.
So, this is for the first time traders, first time investors, because they might be very happy to see their holdings going up. I just want to say that don’t let emotions play with you. Set your target, a realistic target, and make sure you exit at the right time. I hope you read my blog on how setting the targets in the market is important thing to do.
Thank You and Happy trading everyone.
