Top Trader: Don’t Buy ETH’s Dip

Chris Weston, head of research at Australian trading firm Pepperstone, argues that traders should not rush to buy the Ethereum (ETH) dip.

"As we see on the daily [chart], the time for patience on new longs is needed…" Weston said.

Momentum buying instead of dip buying

The trader has predicted that the price of the flagship altcoin could potentially drop back to the $4,100 level, which is the previous "breakout level."

Weston has opined that it would be more prudent to wait until the dip is bought by others and ETH regains its momentum. 

Earlier today, the price of the leading alternative cryptocurrency plunged to an intraday low of $4,233, which is the lowest level since Aug. 12.  

That said, the cryptocurrency is still up by nearly 15% this August after surging by as much as 49% in July. 

As reported by U.Today, ETH is still on track to have its best Q3 ever. 

Altcoin rotation is still underway

In the meantime, Glassnode co-founders argue that altcoins are actually showing some notable resilience during Bitcoin's most recent price correction, which is a sign that capital rotation is currently underway. 

For now, the rotation phase seemingly remains intact, according to the analysts. 

Massive whale calls it quits 

In the meantime, a cryptocurrency whale recently lost a total of $6.6 million with their massive bullish bet on Ethereum (ETH). 

After the disastrous loss, the whale ended up calling it quits, withdrawing a total of $9.4 million from the Hyperliquid trading platform, according to Lookonchain.