27/05/24 Weekly outlook
Diupdate
Last weeks high: $71,999.47
Last weeks low: $69,028.57
Midpoint: $66,057.66
After a historical week for the crypto space with the ETH ETF approval has meant that BTC has taken somewhat of a backseat. Currently battling with the '21 ATH at SWB:69K while ETH is beginning to pic up strength in the ETH/BTC pair and take volume away from Bitcoin.
Ethereum has been a relatively slow mover in comparison to some of the rest of the altcoin market. However, now that the ETFs are approved and it is to be expected that ETH will have huge Inflows just as BTC did with a >50% increase since approval. All this means that I could see BTC fighting the '21 ATH for sometime while the altcoin market and mostly ETH will take the spotlight for the next week at least.
SWB:69K lines up well with the weekly range Midpoint and that's the key battle for BTC, so far this Bullrun we've seen BTC lead the way generally, could it be time for ETH to take over?
This week I think ETH and ETH beta plays (OP, ARB, LDO, METIS etc) are the ones to watch, I would be cautious when it comes to Longing ETH blindly at this level, yes the massive demand increase will help price rise but as we saw with BTC after ETF approval, price did drop 18% over two weeks post approval. I'm not saying this will definitely happen with ETH, so far despite an initial 10% whipsaw price has stayed generally the same with a slight move up, however It is worth noting.
Last weeks low: $69,028.57
Midpoint: $66,057.66
After a historical week for the crypto space with the ETH ETF approval has meant that BTC has taken somewhat of a backseat. Currently battling with the '21 ATH at SWB:69K while ETH is beginning to pic up strength in the ETH/BTC pair and take volume away from Bitcoin.
Ethereum has been a relatively slow mover in comparison to some of the rest of the altcoin market. However, now that the ETFs are approved and it is to be expected that ETH will have huge Inflows just as BTC did with a >50% increase since approval. All this means that I could see BTC fighting the '21 ATH for sometime while the altcoin market and mostly ETH will take the spotlight for the next week at least.
SWB:69K lines up well with the weekly range Midpoint and that's the key battle for BTC, so far this Bullrun we've seen BTC lead the way generally, could it be time for ETH to take over?
This week I think ETH and ETH beta plays (OP, ARB, LDO, METIS etc) are the ones to watch, I would be cautious when it comes to Longing ETH blindly at this level, yes the massive demand increase will help price rise but as we saw with BTC after ETF approval, price did drop 18% over two weeks post approval. I'm not saying this will definitely happen with ETH, so far despite an initial 10% whipsaw price has stayed generally the same with a slight move up, however It is worth noting.
Komentar
Breakout above '21 ATH capped at the 0.75 line perfectly and dropped straight back down to the 0.25 line.Really don't want to see a lower low posted by losing the 0.25 line and dropping below the WEEKLY LOW.
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