ETHBTC, breakout IMMINENT! 📢📢ETHBTC has been relatively strong during this bear market. This is one of the first times an altcoin has held up so well against BTC during a downturn.
Fundamental analysis:
ETH has indeed changed a lot since the 2018 bear market.
Thanks to the NFTs and DEFI which only exist (really) since this bull market, ETH now has a lot of value capture compared to before.
The maj of The Merge also helps in the stability of the ETHBTC price, the issuance of tokens has been reduced by 99.6%. This corresponds to a decrease in selling pressure from mining by the same percentage. This is a huge change compared to previous years. We can also talk about the fact that ETH in circulation can now be staked for about 5% annual return.
It should be noted however that an additional selling pressure may occur during the implementation and activation of the withdrawal of staked ETH (date TBD, could take several months or years). Indeed, the ETH put in stacking cannot be withdrawn for the moment and thus leave the market temporarily.
Furthermore, the number of staked ETH on LIDO (biggest staking protocol) is constantly growing with a 5% increase month to month.
Technical analysis:
Nice weekly consolidation triangle. We are currently in a no trade zone, I think an upward resolution is more likely but I will not take a trade because in reality it is more like 50/50. Watch out for a break, then it will be time to take positions. I have highlighted the important technical areas. I'll do an update on a breakout.
See you guys, and don't hesitate to smash that 👍👍, it motivates me :)
