ETH/USDT 1D Trade idea
It's no secret, Ethereum has been struggling this Bullrun.
Outperformed by Solana and other new emerging L1's, a permabearish ETH/BTC chart and losing market share in terms of volume on chain to its competitors.
The daily chart is a difficult one to digest as a fan of ETH, despite the ETF approval and the institutional investment that has come with it, the trend is an obvious downtrend of late and shows no signs of changing anytime soon...
The ETH/BTC pair is a similar story only the downtrend has been the case for much longer, unable to keep up with bitcoins price gains. Bitcoin is currently -20% from its ATH set earlier this year, Ethereum is yet to break its previous ATH set in '21 of $4850, -47% at current price which is way off BTC.
For me there are two possible entries:
- A mid range reclaim would then target a range high move going into the end of the year.
- A safer entry of filling the wick set in the beginning of august with a slow grind down, sweep liquidity, reclaim and pump from there.
Both situations would require BTC to behave as always.
Outperformed by Solana and other new emerging L1's, a permabearish ETH/BTC chart and losing market share in terms of volume on chain to its competitors.
The daily chart is a difficult one to digest as a fan of ETH, despite the ETF approval and the institutional investment that has come with it, the trend is an obvious downtrend of late and shows no signs of changing anytime soon...
The ETH/BTC pair is a similar story only the downtrend has been the case for much longer, unable to keep up with bitcoins price gains. Bitcoin is currently -20% from its ATH set earlier this year, Ethereum is yet to break its previous ATH set in '21 of $4850, -47% at current price which is way off BTC.
For me there are two possible entries:
- A mid range reclaim would then target a range high move going into the end of the year.
- A safer entry of filling the wick set in the beginning of august with a slow grind down, sweep liquidity, reclaim and pump from there.
Both situations would require BTC to behave as always.
Note
+19% from entry
Good to see ETH finally waking up, it has a lot of catching up to do.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.