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Traders are going long on ETH, optimistic about $113,000 BTC and $3,500 ETH.
[Block Rhythm] On August 2, a trader posted in their personal channel that they have gone long on ETH again. The bullish sentiment for August has been prematurely embraced by the market, but the reasonable positions to build are 113,000 USD for BTC and 3,500 USD for ETH, with stop losses set at 112,000 USD and below 3,400 USD.
Although the hype surrounding data availability technology (DAT) may gradually fade, there is still substantial structural buying in the current market, so it is not advisable to quickly turn bearish. Many people oscillate between "the bull market is back" and "completely doomed," yet fail to realize that the market is not a binary trajectory of either/or.