$ETH near-term trend is weak, but it doesn’t mean the fundamentals are weakening!
For now, the market performance is lagging behind BTC and SOL. Many people think it lacks breakout momentum, but I actually see this as an opportunity.
The amount of staked/locked tokens is over 43 million, accounting for 35% of the circulating supply. The queue for staking entries is 13 times the exit demand. The bears also lack sell-off chips to dump, so there’s limited downside.
Last week saw net outflows of 140 million from the ETF, but on September 18 there was a daily inflow of 144 million. The gap was immediately filled, and BlackRock has been adding positions for 20 straight trading days.
Consolidation around 2720 that holds up against sell pressure shows there is capital providing support. As long as BTC and SOL continue to strengthen, it’s hard for ETH to fall behind on its own.
Short-term plan: if it pulls back to around 2710, it’s worth considering long entries. As long as BTC doesn’t experience a major breakdown, aim for 2800.
In the day, I’ll continue keeping an eye on the major coins and altcoins. If you haven’t positioned yet, feel free to come to the chat room to exchange ideas!#BitcoinBreaksThrough$85,000
For now, the market performance is lagging behind BTC and SOL. Many people think it lacks breakout momentum, but I actually see this as an opportunity.
The amount of staked/locked tokens is over 43 million, accounting for 35% of the circulating supply. The queue for staking entries is 13 times the exit demand. The bears also lack sell-off chips to dump, so there’s limited downside.
Last week saw net outflows of 140 million from the ETF, but on September 18 there was a daily inflow of 144 million. The gap was immediately filled, and BlackRock has been adding positions for 20 straight trading days.
Consolidation around 2720 that holds up against sell pressure shows there is capital providing support. As long as BTC and SOL continue to strengthen, it’s hard for ETH to fall behind on its own.
Short-term plan: if it pulls back to around 2710, it’s worth considering long entries. As long as BTC doesn’t experience a major breakdown, aim for 2800.
In the day, I’ll continue keeping an eye on the major coins and altcoins. If you haven’t positioned yet, feel free to come to the chat room to exchange ideas!#BitcoinBreaksThrough$85,000
