Chris Weston, the Research Director at Pepperstone, advises caution regarding the pullback of Ethereum (ETH) 
$2,335, emphasizing that it should not be seen as a buying opportunity. According to Weston, the potential exists for Ethereum to retreat to the prior break level of $4,100. He suggests waiting for others to purchase the dip and for the price to regain momentum before considering new long positions. In the last 24 hours, ETH fell to $4,233, marking its lowest level since August 12.
Weston Advocates for Patience
Weston believes that the market approach should prioritize momentum tracking rather than buying at dips. According to him, establishing new long positions without confirmation of the trend can carry significant risks. The $4,100 mark is critical as it could represent a test of prior break levels.
ETH’s dip to $4,233 amid increasing volatility reflects short-term weakness. Nonetheless, following July’s 49% rise, ETH remains up around 15% in August. The persistence of recovery will depend on how quickly buyers return before structural breaks occur.
Position of Altcoins During Market Fluctuations
Ethereum is not the sole focus in the current market landscape. Founders of Glassnode note that altcoins demonstrated significant strength during Bitcoin 
$78,084‘s recent dip. This situation indicates that capital flow is currently directed toward altcoins. The ongoing rotation phase may influence the speed and duration of Ethereum’s potential reactions.
Seasonal effects should not be ignored. Despite volatility, ETH is on track for record performance in Q3. Experts assert that if current momentum persists, Q3 could be the most robust period for ETH in its history. However, short-term price reactions between $4,233 and $4,100 will be crucial for momentum strategies and trend confirmation.
