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DOUBLE HAWK ADJUSTMENT: ETHE
Two days ago, I recommended an adjustment on our trade in Grayscale Ethereum Trust (OTCMKTS: ETHE).
The fundamental story for this trade is still the same.
But we have to adapt to the market.
Honestly, I thought we could sneak into the $27 mark, just below the 50-day moving average.
But the pullback seems to be done and I don’t want to miss out on dollars just to save a few pennies.
There were a lot of nerves from the Fed meeting, the House passing its crypto transaction bill, not to mention Evergrande imploding…
Naturally, investors began selling off.
ETHE could’ve dropped down even lower but it looks like $28 is the next support level.
Meanwhile, a breakthrough to $30 seems to be confirmed at this point.
ACTION TO TAKE
I can’t stress enough how important it is to have someone in your corner who can tell you when to adapt to market forces.
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Until next time,
September 23 2021