ETHEREUM PUTTING IN A BOTTOM
As you know, I’m a long-time ETH bull, and I see its recent underperformance as a major opportunity. BlackRock and other institutions have effectively endorsed Ethereum with the introduction of ETFs and are actively choosing the chain to tokenize real-world assets.
Historically, ETH underperforms in this phase of the cycle before making a significant move.
We might be seeing the start of that move now.
The weekly chart shows oversold RSI levels for only the fourth or fifth time ever, along with bullish divergence for just the second time. This week's candle is a bullish engulfing, and ETH is currently outperforming.
This really looks like a bottom forming.
Historically, ETH underperforms in this phase of the cycle before making a significant move.
We might be seeing the start of that move now.
The weekly chart shows oversold RSI levels for only the fourth or fifth time ever, along with bullish divergence for just the second time. This week's candle is a bullish engulfing, and ETH is currently outperforming.
This really looks like a bottom forming.
scott.melker@texaswestcapital.com
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