ETHBTC - The Final Support and The Final Call
Updated
Bitcoin has been very dominant and managed to push ETH all the way to the final support line. This is a 4 years old diagonal support which crosses with a 6 years old horizontal support line.
Please tell me if I am wrong, I see a three patterns when zoomed out;
First is a massive rising double bottom,
Second is a massive cup and handle,
Third is a massive inverse head and shoulders.
All indicators seems to have bottomed out as well.
And on the other hand, Ethereum network is very active, wallet count is increasing, burning mechanism is working well; in the last 30 days -39,767.33 ETH were burned. It is simply deflationary.
My observation causes my instincts to tell me that this is the final call before the big flippening narrative starts to be spreading again.
I know BTC is the key player in crypto, but I dont see ETH getting crashed any further againts it.
Do you see any bearish patterns or signals? Please let me know in the comments if you agree or disagree with me.
Please tell me if I am wrong, I see a three patterns when zoomed out;
First is a massive rising double bottom,
Second is a massive cup and handle,
Third is a massive inverse head and shoulders.
All indicators seems to have bottomed out as well.
And on the other hand, Ethereum network is very active, wallet count is increasing, burning mechanism is working well; in the last 30 days -39,767.33 ETH were burned. It is simply deflationary.
My observation causes my instincts to tell me that this is the final call before the big flippening narrative starts to be spreading again.
I know BTC is the key player in crypto, but I dont see ETH getting crashed any further againts it.
Do you see any bearish patterns or signals? Please let me know in the comments if you agree or disagree with me.
Note
It is not looking good for ETHBTC pair, especially with Spot Btc ETF on the horizon, all eyes are on BTC. Therefore it seems like BTC will keep on pushing it a bit further and after (if) BTC etf gets approved, the new narrative will be on ETH ETF, in which case we will probably see an influx of buyers for ETH.
Lets see what happens. I am not switching positions, will continue to observe this support line and wait for the narrative to change. A bit boring I know but unless there is a steep increase in BTC dominance, I am willing to wait for ETH's turn.
Trade active
Great reaction from ETHBTC pair. Just what we needed to revive the energy and keep our positions active towards the targets.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.