DrJLT

ETHUSD has clearly-defined support zone in case of BTC crash

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
While the bitcoin bubble is not unnecessarily going to burst, we must consider this possibility. I believe ETH is a relatively safe haven due to its clearly-defined support zone & more sound fundamentals.

The chart is pretty self-explanatory.

  • $575 is the .236 level & the monthly EMA support
  • $485 is the previous breakout after a half-month consolidation
  • $448 is another .236 & the middle of support zone 1
  • lastly $319 is the most important breakout of the year after a two-month consolidation

Even if the bitcoin bubble completely bursts and bitcoin goes to under $5k, which was where it started parabolic growth, I think it's hard for ETH to go under support zone 2.

There're of course upsides, too. ETH's upside is not worse than that of BTC's, while BTC has no clearly-defined bottom because it hasn't had a meaningful accumulation.

Check out my website: http://www.jlteng.com

Also check out my view on BTC:
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