Crypto Market Sentiment Divided Amid Geopolitical Tensions
The cryptocurrency market is experiencing a split in sentiment following a sharp downturn triggered by the Israel-Iran conflict. Bullish traders view the drop as an overreaction to geopolitical events, expecting a recovery next week. Conversely, bearish traders highlight Ethereum's failure to break the $2,880 resistance as a sign of weakening trends, with critical support at $2,400. A breach could lead to a deeper correction below $2,000.
In response to market volatility, traders are actively discussing options strategies, including double-buy strategies and calendar spread adjustments, while some shift from DDH hedging to simpler combinations due to high fees and slippage costs. Additionally, the ETH/BTC exchange rate's technical analysis is under scrutiny, with the weekly MA5 and MA10 golden cross seen as a positive signal, though a breakout is needed to confirm a trend reversal. The large ETH position held by trader Yi Yuanshuai, built from $1,800 with an average cost of $2,300, is also a topic of debate, with some viewing it as a contrarian indicator.
