ETH has been in a downtrend against BTC for two years.
This year, while ETHUSD has seen some significant gains, ETHBTC has been constrained in a range that keeps getting more narrow.
The recent Bitcoin push has caused many alts to capitulation against BTC, and it might be time for a little relief.
The bad:
This year, while ETHUSD has seen some significant gains, ETHBTC has been constrained in a range that keeps getting more narrow.
The recent Bitcoin push has caused many alts to capitulation against BTC, and it might be time for a little relief.
The bad:
- BitMEX funding has been rewarding shorts for as long as users remember, and the price of $420 per ETH was not seen again since the introduction of their perpetual contract,
- The disappearance of ICOs opened to the public in favor of IEOs means that there is now very little incentive to "hoard" ETH,
- There is still no compelling decentralized app for the world's decentralized computer.
The good:
- Decentralized finance is giving Ethereum a new meaning, with more and more DAI created and used on the network each day. Financial experimentations might lead to new ways for people to save, lend and borrow money in a p2p fashion (Compound, Dharma...),
- Gas usage has been at record levels in the past few weeks. The Ethereum community is as vibrant as ever, and one could argue that it is the only platform with such network effects,
- ETH price has been lagging behind BTC, and now that Bitcoin seem to have reached a mid-term top, there is a chance for the price of ETH to catch up in a modest way.
Invalidation: if the low of 0.025 cannot hold, we are looking at 0.01 and I wouldn't bet on any meaningful recovery in the near future.
Comment:
Cut at 0.027 as it failed to use previous resistance at support. Guess I'll look to enter at 0.025 again. Sigh.