is the market really following ETH?
Updated
it's starting to feel like the market is following ether's lead more so than bitcoin.
since bitcoin's all-time-high in may, all the subsequent price action seems to have been catalyzed by a technically significant event on the ETH/USD chart.
5/10: ETH makes all-time-high and bounces off of the long term trendline and the massive market selloff begins. this trendline has been significant support/resistance since >2015.
7/2: ETH bounces off of bull trendline, ending the BTC consolidation and starting the current rally. this is a big one because the logarithmic bull trendline (from early 2020) held up and was the point of inflection for the entire market.
9/29: ETH bounces off of the bull trendline again, ending the BTC correction and continuing the rally.
10/21 & 10/27: ETH rejected at ATH resistance, and BTC corrective waves begin.
could this all just be coincidence? maybe, but probably not. i think it's just further evidence that there's a new sheriff in town, and you just don't know it yet.
since bitcoin's all-time-high in may, all the subsequent price action seems to have been catalyzed by a technically significant event on the ETH/USD chart.
5/10: ETH makes all-time-high and bounces off of the long term trendline and the massive market selloff begins. this trendline has been significant support/resistance since >2015.
7/2: ETH bounces off of bull trendline, ending the BTC consolidation and starting the current rally. this is a big one because the logarithmic bull trendline (from early 2020) held up and was the point of inflection for the entire market.
9/29: ETH bounces off of the bull trendline again, ending the BTC correction and continuing the rally.
10/21 & 10/27: ETH rejected at ATH resistance, and BTC corrective waves begin.
could this all just be coincidence? maybe, but probably not. i think it's just further evidence that there's a new sheriff in town, and you just don't know it yet.
Note
continuing with this logic...next significant technical event for ETH is a retest of the prior ATH around $4380. i wonder if the rest of the market will bounce there too?
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