$ETH
Ethereum Price Drop Reminder: What Might Happen on November 8?
Today I want to talk about the possible drop in the price of Ethereum at 9 AM on November 8. Why do I say this? Let's look at the following reasons one by one:
Too Many Sell Orders: Just like the sell order at 2475 for Ethereum, when there are too many, the price has to drop. When buying and selling are out of balance, the price must adjust to find those willing to buy at a lower price.
Market Sentiment and Expectations: Everyone is thinking about selling at a certain price, so naturally, some want to buy at a lower price in advance. This back and forth makes selling even fiercer. This psychological expectation can make the selling wave stronger, and the price will drop harder.
Insufficient Liquidity: When there is a massive sell-off, the buying liquidity gets drained. When liquidity is low, it becomes difficult to stabilize the price, especially if there are even more sellers, then the downward trend becomes harder to resist.
Technical Indicators Also Warn: If technical indicators show that buying has been too aggressive, or if there is strong resistance at 2475, then the possibility of a pullback increases. When traders see this, they feel it’s time to take some profits and leave, which aligns with the downward trend.
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