Before I start the analysis I would aprecciate if you like the idea, follow me and comment your thoughts about this.
I will start to point out that the ETH uptrend happened because of the BTC price movement a few weeks ago. Now we are in a stage were BTC has a solid consolidation at 60K and a 58K support. The price of BTC is very stale right now with a resistance at 63K daily close.
Now lets talk about ETH and SOL. SOL has been doing an amazing job at developing their NFT marketplace, and consequently the price of SOL rised to a new ATH today, moving the coin to the 4th place in market cap. ETH price decreased today, and it seems that retail is hyping up SOL more than
ETH at the moment (ETH hit a new ATH 3 days ago and the FOMO was not close to the the previous ETH ATH).
Right now ETH has a bearish divergence and a very nice short set up. If the coin continued to decrease until the price hit 4000$ than the correlation would be preety much done.However the coin had a a invalidation point at 4311$, not completing the correlation between the charts and the RSI.
Thats it, I would be grateful if you shared your thoughts with me and discussed my idea or anything related to crypto.
Thanks!
I will start to point out that the ETH uptrend happened because of the BTC price movement a few weeks ago. Now we are in a stage were BTC has a solid consolidation at 60K and a 58K support. The price of BTC is very stale right now with a resistance at 63K daily close.
Now lets talk about ETH and SOL. SOL has been doing an amazing job at developing their NFT marketplace, and consequently the price of SOL rised to a new ATH today, moving the coin to the 4th place in market cap. ETH price decreased today, and it seems that retail is hyping up SOL more than
ETH at the moment (ETH hit a new ATH 3 days ago and the FOMO was not close to the the previous ETH ATH).
Right now ETH has a bearish divergence and a very nice short set up. If the coin continued to decrease until the price hit 4000$ than the correlation would be preety much done.However the coin had a a invalidation point at 4311$, not completing the correlation between the charts and the RSI.
Thats it, I would be grateful if you shared your thoughts with me and discussed my idea or anything related to crypto.
Thanks!
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.