ETH/BTC turning resistance into support?
Look back at the history of the pair and you see that .08 is major resistance that has acted as a rejection zone multiple times.
Now that eth wallets are at an all time high, BTC dominance is falling and technically ETH/BTC is in an uptrend since Sept. of 2019. If you're like me and you believe in lengthening cycles and that the bull market is still on then this is an early confirmation of what many believe can happen in this cycle. Eth flipping Btc in market cap. Fundamentally it makes so much sense with the NFT craze reaching pop culture and celebrities truly giving crypto a world audience for the first time. Die hard early investors scoff at this but I don't know what they think mass adoption means. It means viewing parties of the bachelor in the metaverse and NFTs of Seinfeld and The Office episodes and scripts. Eth has the network effect and momentum to flip BTC if it can turn this .08 res into support. The first time I ever bought BTC was an ETH to BTC trade when eth was .86 and it was a good trade. NOW, I would NOT make that same trade.
It's actually in these dips that ETH shows its greatest strength against BTC. It's only down 10% from the recent highs when the overall market has fallen over 30% - that makes me bullish AF. Bullish on Eth and Bullish on crypto as a whole.
I think this area will hold as support and we will see the ETH/BTC value continue to increase throughout 2022 and until whenever this bull run does end.
Happy trading and investing folx ✌🏻
Now that eth wallets are at an all time high, BTC dominance is falling and technically ETH/BTC is in an uptrend since Sept. of 2019. If you're like me and you believe in lengthening cycles and that the bull market is still on then this is an early confirmation of what many believe can happen in this cycle. Eth flipping Btc in market cap. Fundamentally it makes so much sense with the NFT craze reaching pop culture and celebrities truly giving crypto a world audience for the first time. Die hard early investors scoff at this but I don't know what they think mass adoption means. It means viewing parties of the bachelor in the metaverse and NFTs of Seinfeld and The Office episodes and scripts. Eth has the network effect and momentum to flip BTC if it can turn this .08 res into support. The first time I ever bought BTC was an ETH to BTC trade when eth was .86 and it was a good trade. NOW, I would NOT make that same trade.
It's actually in these dips that ETH shows its greatest strength against BTC. It's only down 10% from the recent highs when the overall market has fallen over 30% - that makes me bullish AF. Bullish on Eth and Bullish on crypto as a whole.
I think this area will hold as support and we will see the ETH/BTC value continue to increase throughout 2022 and until whenever this bull run does end.
Happy trading and investing folx ✌🏻
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