A popular TradingView Trader_lab analyst talks about the reasons behind the latest fall in the altcoin price and the prospects for its recovery

The experts' opinion may not coincide with the position of the editorial board. "Soft4bro" does not give investment recommendations, the material is published only for introductory purposes. Cryptocurrency is a volatile asset that can lead to financial losses.

The cryptocurrency market is under pressure due to the Fed's aggressive monetary policy. The September 21 meeting did not make adjustments to the Fed's plan to raise the key rate by 75 points, which was not a surprise to market participants, nevertheless led to the collapse of quotations, both in the stock and cryptocurrency markets.

In our opinion, such behavior of market participants was caused by panic moods rather than by technical indicators, which means that after some time the market may recover the lost positions.

In this context, it would be logical to take a closer look at buying ETH, which became even more deflationary than it was before thanks to the latest update. From the technical point of view, it makes sense to consider a buy of ETH in the current support area.

Of the negatives, there is a possibility of further price declines into the area of recent lows, which would trigger stop orders and accelerate price declines.

Trade plan:
Buy: ETHUSDT at $1.32k.
Risk per trade: 2% of equity (10% of portfolio)
Stop Loss: $1.01 th.
Take Profit: $1.67 ths.

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