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Yesterday's failure to break above the $115,000 level—even amid a strong correction observed in the second half of the day—suggests that Bitcoin's decline may continue and that larger pullbacks toward $110,000 and $105,000 lie ahead. In contrast, Ethereum rose by more than 4.5%, testing the $3,700 mark. This indicates that Bitcoin's dominance is gradually waning, with part of the capital flowing into other assets.
Recent data also points to continued demand for Ethereum. According to a report, transaction volume on the Ethereum network exceeded $238 billion in July, marking a 70% increase compared to the previous month and the highest figure since December 2021. This explosive growth in Ethereum network activity highlights its key role in the decentralized finance ecosystem. The rise in transaction volume reflects growing interest in smart contracts, decentralized applications (dApps), and other innovative solutions built on Ethereum.
Moreover, the significant increase in transactional activity may indicate that investors and users, despite volatility in the cryptocurrency market, continue to see long-term value and potential in Ethereum. However, it's worth noting that an increase in transaction volume doesn't always directly correlate with a rise in Ethereum's price. Other factors can influence the price, including inflows into spot ETFs, the macroeconomic environment, regulatory changes, and competition from other blockchain platforms. Therefore, despite positive data on transaction activity, investors should remain cautious and perform thorough analysis before making trading decisions.
The Ethereum network also recorded 46,670,000 transactions—3.6% higher than the previous all-time high in May 2021.
Going forward, I will continue to rely on any major dips in Bitcoin and Ethereum as part of a broader strategy focused on the ongoing medium-term bull market, which remains intact.
Below is the strategy for short-term trading.
Scenario #1: I will buy Bitcoin today upon reaching the entry point around $114,500, targeting a rise to $115,500. Around $115,500, I will exit long positions and sell on the rebound.
Before buying on a breakout, make sure the 50-day moving average is below the current price, and the Awesome Oscillator is in the positive zone.
Scenario #2: Buying from the lower boundary of $114,000 is possible if there is no market reaction to a breakout, with a rebound toward $114,500 and $115,500.
Scenario #1: I will sell Bitcoin today upon reaching the entry point at $114,000, targeting a drop to $113,100. I will exit short positions at $113,100 and buy on the rebound.
Before selling on a breakout, make sure the 50-day moving average is above the current price, and the Awesome Oscillator is in the negative zone.
Scenario #2: Selling from the upper boundary of $114,500 is also possible if there is no market reaction to a breakout, targeting $114,000 and $113,100.
Scenario #1: I will buy Ethereum today upon reaching the entry point around $3,685, targeting a rise to $3,754. I will exit long positions at $3,754 and sell on the rebound.
Before buying on a breakout, make sure the 50-day moving average is below the current price, and the Awesome Oscillator is in the positive zone.
Scenario #2: Buying from the lower boundary of $3,640 is possible if there is no market reaction to a breakout, with a rebound toward $3,685 and $3,754.
Scenario #1: I will sell Ethereum today upon reaching the entry point around $3,640, targeting a drop to $3,582. I will exit short positions at $3,460 and buy on the rebound.
Before selling on a breakout, make sure the 50-day moving average is above the current price, and the Awesome Oscillator is in the negative zone.
Scenario #2: Selling from the upper boundary of $3,685 is also possible if there is no market reaction to a breakout, targeting $3,640 and $3,582.
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