Eth is at really hard place right now. As with BTC its market cap chart has already extended aver all major fibonacci extension levels (will show the chart later in the update of this idea). While i am confident that BTC has entered a bear market, i am a little less with ETH. Imo there are two scenarios for eth, one is bullish , the other one is bearish . Whatever scenario first happens i think in both the price will likely pump a bit to retest a previous capitulation point (blue area). After that we should fall with BTC . If ETH is able to find support in the yellow area we should be able to eventually set a new ath , but not go above 6k as eth is very overvalued as it is with BTC . If we don't hold and fall in to the orange area or even set a new low, you can be quite shore that also eth has entered a bear market and the money will flow from BTC and eth into the rest of the alts as they are going into a ABC retracement.
Again with BTC a am shore we are done, but not so much with eth as we need more information of the price in the near future.
ETHUSDT
Again with BTC a am shore we are done, but not so much with eth as we need more information of the price in the near future.
ETHUSDTNote
You can see that the market cap of eth has reached to all fib. ext. Actually within 0.1% to its 4.236 level. Btc market cap has however reached beyond all extensions. Eth could do something like btc and go over those extensions or it has already entered a bear market. Note
Here i am showing bullish and bearish scenario from the perspective of ETH dominance.
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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.