Jan.9-Jan.15(ETH)Weekly market recap
As predicted in our last recap, all 11 BTC ETFs were approved. A new era has arrived for crypto. This means that more American entities will be able to purchase BTC through asset management companies. We learned from Bloomberg that the the trading volumes of the 11 BTC ETFs in the first two trading days were $4.6 billion and $3.1 billion respectively. Although for GBTC, many speculators chose to sell and leave, more funds entered the BTC ETF.
After the BTC ETF was approved, BTC did not break through 50000, but ETH rose even more. We mentioned in the previous recap that the BTC ETF may have been priced ahead of time. Of course, this part is only for approval and will not affect the long-term bullish trend. So it’s understandable when traders start going long on the ETH\BTC rate. The picture above is what we used in the previous recap to show how far ahead BTC is relative to ETH. However, after ETH rose, BTC and ETH have almost returned to the same level. After all, the market will begin to price the ETH ETF and the upcoming Dencun upgrade, which will benefit the ETH Layer2 ecosystem.
ETH closed the gap with BTC last week, rising above given support levels. ETH showed a long-awaited initiative. Although, like BTC, ETH experienced a correction over the weekend, the magnitude of the correction was not large. The ME indicator shows that ETH maintains its bullish trend. Although ETH faces the same situation as BTC on the WTA indicator, and it is difficult to recover from short-term rise, but it does not destroy the bullish trend at a large level. We raised the resistance level to 2700 and the support level to 2200.
In summary, ETH may continue to outperform BTC this week, and we believe that ETH may hit a given resistance level.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
After the BTC ETF was approved, BTC did not break through 50000, but ETH rose even more. We mentioned in the previous recap that the BTC ETF may have been priced ahead of time. Of course, this part is only for approval and will not affect the long-term bullish trend. So it’s understandable when traders start going long on the ETH\BTC rate. The picture above is what we used in the previous recap to show how far ahead BTC is relative to ETH. However, after ETH rose, BTC and ETH have almost returned to the same level. After all, the market will begin to price the ETH ETF and the upcoming Dencun upgrade, which will benefit the ETH Layer2 ecosystem.
ETH closed the gap with BTC last week, rising above given support levels. ETH showed a long-awaited initiative. Although, like BTC, ETH experienced a correction over the weekend, the magnitude of the correction was not large. The ME indicator shows that ETH maintains its bullish trend. Although ETH faces the same situation as BTC on the WTA indicator, and it is difficult to recover from short-term rise, but it does not destroy the bullish trend at a large level. We raised the resistance level to 2700 and the support level to 2200.
In summary, ETH may continue to outperform BTC this week, and we believe that ETH may hit a given resistance level.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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