Finally some relief for ETHBTC, the #2 managed to break through its downtrend and is now heading toward its former support, now resistance, at 0.02.
As we are experiencing a short-term pullback in Bitcoin's dominance from a multi-year high at 70%, we are seeing some wealth transfer from Bitcoin to Ethereum and the altcoin sphere, finally propping up Ethereum who has been suffering since the beginning of 2019.
However, in order to confirm the sustainability of such movement, we would need volume to increase significantly, otherwise, Ethereum could be heading toward another bull trap.
We remain cautious for now as we would expect volatility to rise while Ethereum is heading toward the 0.02 resistance level.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency................................................... .
As we are experiencing a short-term pullback in Bitcoin's dominance from a multi-year high at 70%, we are seeing some wealth transfer from Bitcoin to Ethereum and the altcoin sphere, finally propping up Ethereum who has been suffering since the beginning of 2019.
However, in order to confirm the sustainability of such movement, we would need volume to increase significantly, otherwise, Ethereum could be heading toward another bull trap.
We remain cautious for now as we would expect volatility to rise while Ethereum is heading toward the 0.02 resistance level.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/transparency................................................... .
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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.
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.