When will ETH bottom out and rebound? Will it stop rising before the Cancun upgrade?

BTC is extremely strong, while ETH is extremely weak. Whether in the short-term or long-term, BTC is far stronger than ETH.

As the representative and leader of altcoins, ETH's market capitalization share is constantly shrinking, and it has fallen below the rising trend line. The current value is 17.61%. When will ETH bottom out? Is it going to be weak before the Cancun upgrade? !

Compared with ETH, Bitcoin's market capitalization has been rising steadily along the upward trend line after breaking through. The current value has reached 52%. What is the next target?


Obviously, BTC is in a blood-sucking market now. Any altcoin, no matter who it is, must give way to BTC's blood-sucking market, just like the Fed's tightening monetary policy, and the capital flows back to the US dollar market. Whether it is due to the halving market or the risk aversion sentiment, the result shown at the technical level is that funds continue to flow back to BTC.

The ETH/BTC trading pair has also reached the key level of 0.051 on the weekly chart. The last time this position was reached was in June 2023. Is ETH brewing another big market trend this time?


In terms of ETH's technical trend, we connected the price trough in 2020, and the extended line is the rising trend line. The price of ETH is about to touch the important area of ​​1400-1500 for the third time this year. Perhaps this place is the best opportunity for us to buy the bottom. Of course, it is still a little difficult to return to below 1000 points, but it is not impossible. We are based on the present and try to seize the current market as much as possible.

Bitcoin Analysis

Bitcoin surged to the 30,000-point concentrated trading area, and formed a long upper shadow line, indicating that there is a huge selling pressure and a lot of short sellers above. It finally closed below the previous high of 28,500. The next step is to test the effectiveness of the support of 28,000 points.

However, it is difficult to continue to move upward. The curve K in the KDJ indicator is suppressed by the downward trend line. Only by breaking through this position can it be possible to move up further. Otherwise, there is still a downside risk.


The daily KDJ formed a golden cross below 30 yesterday. In the spot class, we also mentioned that there is a rebound in the near future, and we planned to enter the Bitcoin market at 27,200 points. However, it is a bit pessimistic now. It is very likely to form a bearish divergence on the daily chart again. Before breaking through the downward trend line, we cannot say that Bitcoin will break through 28,500 and attack higher positions. In the short term, it will mainly consolidate or fall back. If you have a heavy position, please do a good job of risk control and try not to take a heavy position to take risks!

Cottage Opportunities

DYdX will welcome investors and employees to unlock on December 3, 2023 (Beijing time). 150M tokens will be unlocked at one time, with a value of approximately 285.69M, accounting for 84.6% of DYDX's current market value.

The specific unlocking quantities are as follows:

Investors: 83.1M DYDX

Employees/Consultants: 45.9M DYDX

Future employees/consultants: 21M DYDX

DYDX Current Price Analysis and Investment Opportunities

The price of dydx has been sideways at 1.7-2.3 for a long time. The launch of dydx V4 did not bring good feedback to the price. This has a lot to do with the market being in the stage of big cake bloodsucking and the project side absorbing funds.

But in the long run, the main reason why dYdX V4 chose Cosmos is that Cosmos can provide decentralization and high performance, and the decentralization of the v4 version helps avoid regulation. I think it is a long-term benefit. After the revision, the new incentives focused on dYdX platform transactions may become a driving factor in the medium and long term.

Therefore, I am optimistic about the rebound of DYDX in the next stage, especially if ETH and altcoins start to rise after Bitcoin sucks blood, I think the benefits and momentum of DYDX will be magnified.

So my personal strategy is to wait for opportunities to enter the market between 1.5-1.8, and also keep an eye on the trend of unlocking wallets in December.

Today's sharing ends here. Thank you very much for taking the time to read this article in your busy schedule. I hope the article is helpful to you. You can follow me and leave me comments to communicate with me.