empty
 
 
24.05.2021 12:48 PM
Trading idea for Ethereum

This image is no longer relevant

The crypto market was shaken by these news last week:

1. Tesla halted all its Bitcoin transactions over climate issues. According to its CEO, Elon Musk, Bitcoin consumes massive energy when mining and on its transactions.

2. China banned the use of cryptocurrencies in the country.

In view of this, Ethereum founder Vitalik Buterin made a statement on May 21, saying that he is working to reduce transaction fees and energy consumption in ETH.

This image is no longer relevant

But last Friday, Ethereum lost more than 60%, and is now trading below 50%. Considering this, traders have the opportunity to buy the cryptocurrency "at half price".

This image is no longer relevant

To be more specific, traders can open long positions from the current prices, perhaps without leverage, or with stop loss near zero. Keep the position for a long time to see a sharp growth, well beyond the yearly high.

Good luck and have a nice trading day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback