Every day looks the same for Ethereum which keeps struggling against Bitcoin. The number 2 has been literally bleeding since the beginning of the number, unable to create any sustainable rebound.
Despite the stochastic crossover, which could indicate a bullish signal, we expect the rebound to be short-lived as sellers are still in full control.
Bitcoin's dominance is going through the roof now at 70%. Therefore, this Ethereum sell-off that we have been witnessing for a while is an indicator of a wealth transfer occurring from Ethereum toward Bitcoin.
This is very bearish for the coin that doesn't have any fundamental nor technical indicators that would allow us to expect some short term bottom and relief in the coming days.
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............................................. .
Despite the stochastic crossover, which could indicate a bullish signal, we expect the rebound to be short-lived as sellers are still in full control.
Bitcoin's dominance is going through the roof now at 70%. Therefore, this Ethereum sell-off that we have been witnessing for a while is an indicator of a wealth transfer occurring from Ethereum toward Bitcoin.
This is very bearish for the coin that doesn't have any fundamental nor technical indicators that would allow us to expect some short term bottom and relief in the coming days.
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............................................. .
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.
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.