What's Up Crypto Friends! Another rough week in the books for Alt Holders. Let's jump right in and take a look at ETHUSD on our 4 hour charts.
As you can see on our charts, ETH has once again hit our Major Support Trend line in Green on our charts. This has been our critical support line for Ethereum since 2017 and it has been tested in June, early July, and now once again as we enter August. There's always something to blame for a swing in the price levels and this time people are attributing the dip on everyone dumping their alts to buy BTC in speculation of a BTC ETF approval by the SEC for the CBOE. Now, this would be a huge advancement for all crypto if this BTC ETF does get approved, but keep in mind, that at the moment this particular ETF would only be exposed to Bitcoin and not any other alts. Which means there is a possibility that a greater sell off on alts could even occur as people chase the BTC green candle if the approval happens.
There have already been several ETFs that have been denied (Winkelvoss twins were denied twice) and there are several other pending ETFs. So far the reasons for denial are all attributed to the fact that the SEC doesn't consider it safe to allow ETF exposure to an unregulated and easily manipulated currency. Japan and South Korea are currently working on Bitcoin regulations as well. Our opinion is we don't see this approval happening anytime soon, but it is a step in the right direction for all of crypto.
For ETHUSD, we're hoping the bulls keep ETH over our steady green support line. If ETH were to break this support line, our next stop is around $358 on the Fib retracement levels. We are currently long (way long) on ETHUSD and keeping a close watch.
Please give us a like and follow for more updates. Cheers!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances
As you can see on our charts, ETH has once again hit our Major Support Trend line in Green on our charts. This has been our critical support line for Ethereum since 2017 and it has been tested in June, early July, and now once again as we enter August. There's always something to blame for a swing in the price levels and this time people are attributing the dip on everyone dumping their alts to buy BTC in speculation of a BTC ETF approval by the SEC for the CBOE. Now, this would be a huge advancement for all crypto if this BTC ETF does get approved, but keep in mind, that at the moment this particular ETF would only be exposed to Bitcoin and not any other alts. Which means there is a possibility that a greater sell off on alts could even occur as people chase the BTC green candle if the approval happens.
There have already been several ETFs that have been denied (Winkelvoss twins were denied twice) and there are several other pending ETFs. So far the reasons for denial are all attributed to the fact that the SEC doesn't consider it safe to allow ETF exposure to an unregulated and easily manipulated currency. Japan and South Korea are currently working on Bitcoin regulations as well. Our opinion is we don't see this approval happening anytime soon, but it is a step in the right direction for all of crypto.
For ETHUSD, we're hoping the bulls keep ETH over our steady green support line. If ETH were to break this support line, our next stop is around $358 on the Fib retracement levels. We are currently long (way long) on ETHUSD and keeping a close watch.
Please give us a like and follow for more updates. Cheers!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances