ETH is back to challenge BTC Long

Ethereum all time history indexINDEX

Description

⋅ Jul 2, 2023 5:27 PM

Since progressive negative views about the world economy - altcoins have underperformed significantly against Bitcoin. This includes Ethereum, which many thought would have been a lot closer to overtaking BTC by market cap at this point. The following fundamental and technical reasons are behind my bullishness on ETH/BTC:

3 main TA points

- Bullish ETH/BTC weekly graph

- Low RSI on ETH/BTC
- Last candle closed above critical Fib level on ETH/BTC

3 main FA points

- Central Banks world-wide are about to start cutting interest rates, therefore - higher rate of return asset alternatives (bonds) will yield less = additional capital inflow from those assets to crypto
- AI hype to spill over to crypto markets
- ETH in particular has various uses for AI and/or due to AI hype will be more rapidly utilised.

Ethereum trade set-up:
Entry: 1916
t/p 1: (25%): 2032
t/p 2: (50%): 2269
t/p 3: (25%): 2439
s/l:: 1784

Thanks for reading. Feel free to leave a comment :)

Comments

ununununun

⋅ Jul 2, 2023 7:15 PM

Why would central banks be cutting rates?

Sanzhar_m

⋅ Jul 2, 2023 7:16 PM

@ununununun thanks for spotting a mistake. Central banks are expected to pause rate hikes*.