ETHUSD (Ethereum) – Week 44 – Bullish momentum
The world's second largest digital token by market cap, Ethereum (ETH-USD), climbs to new record highs and outperforms the largest crypto, Bitcoin (BTC-USD), as ether token supply gets smaller. In the past five sessions, Ether's (ETH-USD) total return leads BTC by seven percentage points, as well as the past month by about five percentage points, and substantially Y/Y. Perhaps part of the reason for Ether's (ETH-USD) rally is meme-based alt coins, particularly Shiba Inu (SHIB-USD), which gained 141% so far this week, becomes a leading ETH burner as more tokens are removed from ETH circulation, CoinDesk reports.
Former Goldman Sachs executive Raoul Pal has revealed on social media that he is “more than irresponsibly long ETH right now,” even adding leverage to his position on the second-largest cryptocurrency by market capitalization. In a tweet, Pal noted that this is “by far and away” the biggest personal position he has had in his entire life, and that heh as a time horizon for the trade between six and nine months. In a follow-up tweet, the former Goldman Sachs executive noted that he also owns BTC and “a whole bunch of other crypto” and believes other undervalued cryptocurrencies in the future are out there.
From a technical perspective, Ethereum reached an all time high on the 29th October as we were expecting in the previous report. For this week we see a small retracement happening that might reach the blue trendline marked on the chart or the support area at 4k and after that a continuation of the trend to the upside. For now, we don’t see any signs of reversal. We will keep you updated.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Former Goldman Sachs executive Raoul Pal has revealed on social media that he is “more than irresponsibly long ETH right now,” even adding leverage to his position on the second-largest cryptocurrency by market capitalization. In a tweet, Pal noted that this is “by far and away” the biggest personal position he has had in his entire life, and that heh as a time horizon for the trade between six and nine months. In a follow-up tweet, the former Goldman Sachs executive noted that he also owns BTC and “a whole bunch of other crypto” and believes other undervalued cryptocurrencies in the future are out there.
From a technical perspective, Ethereum reached an all time high on the 29th October as we were expecting in the previous report. For this week we see a small retracement happening that might reach the blue trendline marked on the chart or the support area at 4k and after that a continuation of the trend to the upside. For now, we don’t see any signs of reversal. We will keep you updated.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Related Ideas
