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.
In the meantime, we have to wait.
We are back to being encouraged by the fact that Ethereum (ETH) is building a base. This seems to create a greater chance that a dip-buying strategy will work.
We didn't quite get it right that Ethereum (ETH) would lead the next rally phase. Bitcoin took care of that. We do, however, think that Ethereum (ETH) has a lot of catching up to do on the upside relative to Bitcoin ( BTC ).
The 200-day moving average in Bitcoin ( BTC ) futures is down at 7500. The 200-day moving average is at 214. Assuming a stable market, it's hard to see a world where ETH can't get to at least the 200-DMA.
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