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24.05.202112:48 Forex Analysis & Reviews: Trading idea for Ethereum

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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.

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".

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!

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