I have dropped down to an hourly chart of ETH. The price path is starting to look impulsive to the downside, despite US Dollar weakness – I still expect a bottom very soon which implies macro regime change and crypto bearish.
ETH was strongly rejected at key resistance yesterday and is starting to cascade lower. There has a been a failed retest higher and negative reversal in RSI (hourly) – price down, RSI up, poor ease of movement higher. Keep looking down near term.
The crypto market is once again approaching historic highs, with recent rallies and renewed institutional interest driving the market cap back over $3 trillion, a level last reached in 2021.
As Donald Trump was declared the winner of the 2024 US presidential election, global markets reacted swiftly, and nowhere was the shift more pronounced than in the cryptocurrency sector.
With significant ETF inflows and strong gains for Bitcoin and Ethereum, investors are optimistic about a potential breakout despite approaching key resistance levels.
The positive economic data strengthened the outlook for a robust year-end rally.
Solana overtakes Ethereum as Nansen's most-used chain, with 6.3M active users, a $115B market cap, and a 322% price surge over one year
Options trading for BlackRock’s iShares Bitcoin Trust (IBIT) launches on Nasdaq Tuesday
After surging to a record $93.5K, Bitcoin fell below $87K amid Fed concerns on rate cuts, as traders eye $100K with cautious optimism under Trump
Donald Trump's new Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, has earned the support of Brian Armstrong and Cameron Winklevoss
