We have to face facts. Bitcoin ( BTC ) cracked 8k, and alts fell apart. Ethereum is now at the mercy of the market. Protect yourself.
Given that the crypto market is weak, we would be ready for a dip in ETHBTC below .2158. If that dip happens and ETHBTC recovers back above the trend line , that would be the chance to try and buy.
These corrective slumps in Ethereum (ETH) vs. Bitcoin are more of a nuisance. We believe there is material long term upside here. We have to live with corrective activity and wait.
With little price action to go off, we wait to see if our Ethereum-based positive view of crypto pays off.
Considering the listless nature of the range trade, we were grateful to find this analytical nugget. The range in Ethereum (ETH) could be a good thing. Bulls may have to bide their time.
Ethereum (ETH) is in a position to lead a move higher. ETHBTC is still in a bullish phase. So a positive stance on ETH is not just wishful thinking on our part.
This chart does give us some hope that Ethereum can wake up and lead a move up in crypto.
If ETH continues to hold up, we cling to a belief that crypto markets can move higher.
With Ethereum (ETH) sitting on its 50-DMA , it hard to be negative here. We are constructive ETHBTC until proven wrong.
What needs to happen now is to see if bulls can manage to show up in Ethereum (ETH) on dips. This will be key to gauge the health of the crypto market over the next five days.
Boredom and frustration are par for the course in ETH. We still like it, big wicks and all.
We think today's ETH outperformance is only the start of a much bigger move.
We think there is a decent chance the Fed is pumping money into the banking system...hard. Traditionally, that has benefited crypto. If that's true, Ethereum's (ETH) may have come.
All we can do now is wait.
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