ETH/USD - long term bull, short term bear
Ethereum has been exploding for us right on schedule, leading the alt-coin rally and making a nearly 100% rally, steadily from 1700 to 3158 in the last month.
Currently, the market is moving in unison - following the apex crypto's (BTC and ETH) lead as institutions and investors begin reopening leveraged positions again following our decline in May from ATH's. A primary cause of the rapid decline in May was over-leveraged positioning.
As it stands, most exchanges have now switched from 100X leveraging to 20X leveraging, leaving the market much more stable. That being said, the market is not decentralized and is being manipulated heavily right now, with some speculating it's being actively experimented on to test market liquidity.
I think ETH will retrace to 2900, test support, then consolidate before we see a break out, but it is absolutely possible it might consolidate before then and we may see some of the largest gains on ETH this year in the next month.
Currently, the market is moving in unison - following the apex crypto's (BTC and ETH) lead as institutions and investors begin reopening leveraged positions again following our decline in May from ATH's. A primary cause of the rapid decline in May was over-leveraged positioning.
As it stands, most exchanges have now switched from 100X leveraging to 20X leveraging, leaving the market much more stable. That being said, the market is not decentralized and is being manipulated heavily right now, with some speculating it's being actively experimented on to test market liquidity.
I think ETH will retrace to 2900, test support, then consolidate before we see a break out, but it is absolutely possible it might consolidate before then and we may see some of the largest gains on ETH this year in the next month.
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.