One of the most disappointing projects in the crypto space in recent years has to be ETH, losing ground on BTC since September '22. Finally ETH looks to have woken up outpacing BTC this week and broken out from the daily downtrend channel and currently at the underside of the DAILY 200 EMA.
BTC.D has printed a SFP and dropped 2% from 65.4% to 63%, could we be seeing a rollover and rotation into altcoins?
How I see it the moving average should cap off this move for now and a retrace towards the breakout area & previous lower high. That would then be the first higher high and higher low of this calendar year, a very bullish change in structure.
A more aggressive bullish scenario in the short term would be a reclaim of the 1D 200 EMA, leaving the inefficiency zone at the breakout level unfilled.
Either way the next HTF target is $2,800 for ETH which would bring price to the range midpoint and a key supply zone with many resting Stop losses.
BTC.D has printed a SFP and dropped 2% from 65.4% to 63%, could we be seeing a rollover and rotation into altcoins?
How I see it the moving average should cap off this move for now and a retrace towards the breakout area & previous lower high. That would then be the first higher high and higher low of this calendar year, a very bullish change in structure.
A more aggressive bullish scenario in the short term would be a reclaim of the 1D 200 EMA, leaving the inefficiency zone at the breakout level unfilled.
Either way the next HTF target is $2,800 for ETH which would bring price to the range midpoint and a key supply zone with many resting Stop losses.
Note
Looks like the 1D 200 EMA is now new support, really good strength from ETH so next stop is $2,800Note
Midpoint tagged just short of the $2,800 target. I think by the end of the week we should get a tag of the target before cooling off. 
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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.