For the past few weeks since the big drop, ethereum and almost all other coins have been mirroring the moves Bitcoin would make, almost exactly.
blue line = ETHUSD
candles = BTCUSD
However, as of the last few days, Ethereum has started to make its own path again. The dips have been less, and it has been creating more separation each day. Today, as BTC drops hard, ETH stays afloat and even goes up a bit.
This is bullish for ETH because it will not be tied down anymore by bitcoin moves. I plan to go long ETH once BTC hits the 8k level.
blue line = ETHUSD
candles = BTCUSD
However, as of the last few days, Ethereum has started to make its own path again. The dips have been less, and it has been creating more separation each day. Today, as BTC drops hard, ETH stays afloat and even goes up a bit.
This is bullish for ETH because it will not be tied down anymore by bitcoin moves. I plan to go long ETH once BTC hits the 8k level.
Comment:
8k may come sooner than later now. Remember 2 weeks ago on the plunge at 9.5kBTC, ETH was at 850. Now ETH is 150-200 points higher at the same BTC level. Once the dust settles, ETH starts it's bull run from a higher starting point.