DU09

ETH/USD - BTC pumping while ETH is consolidating above $2,700!

Long
BITSTAMP:ETHUSD   Ethereum
ETH is consolidating above $2,700 while BTC passed a key resistance at $58k (idea liked below).

So far ETH seems to not care and it is chilling around this area with the 4h indicators being a bit bearish on the short term. I don't expect this to last and ETH should resume its ascent towards $3,000. Seems for now BTC took the inflow of money.

On daily, the indicators are looking better and I expect ETH to do another push up after this break. Bias remain bullish.

Not much to add. As long as we hold above $2,650, we should be good on ETH to go higher.

Bitcoin price action today signals we may be in for some excitement. We breached the $56k level and moving confidently towards the key resistance at $58k.

In parallel the BTC dominance chart is giving us a clear sign we may be in for a rally whereby money will flow back to the king of crypto.

If you look at this chart, BTC has been loosing market dominance since December 2020 and we feel below 50%. However today we have a strong bounce and reversal combined with a strong price action on the USD pair.

What I like about this chart are several things:

1. MACD has crossed on the positive side on the histogram and the moving averages did a bullish cross = BULLISH

2. RSI almost fell out of the chart and now we're returning back up and we're painting a clear bullish divergence. If this is real, then we will likely shoot up soon = BULLISH

3. Reclaiming the 50% level was crucial, we just did it and if we have continuation BTC will pump... HARD.

I like this set-up and BTC is signaling that it's time to recover some of the ground lost to alts. We should at least get a decent bounce to 58% resistance level before continuing down. Let's see. If we pass 58% we're likely to pump hard and BTC will go to +100k.

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