$ETH $BTC
ETHUSDT: the trend is up, but caution won’t hurt
In a day +18.9%, the price is consolidating near $2,274. Ether first topped $2,000 since June, and this morning it updated $2,260. From the news: on August 20, the testnet Platåberget will be launched ahead of the Glamsterdam hard fork, and the well-known trader Doctor Profit announced a breakout (weekly EMA50). Tom Lee also pointed to a breakthrough of a multi-year downtrend in the ETH/BTC pair.
But there’s a catch. Such a sharp move in an asset with a capitalization of under $300 billion looks extremely speculative and doesn’t resemble a healthy return to old highs. Big players aren’t just pumping the price for no reason: Bitmine has already accumulated 5.82M ETH—almost 5% of the total supply—and one of the whales bought 5,000 coins for $9.53M within a couple of hours. When institutions build positions at these speeds, it’s often a setup for liquidity rather than organic growth.
The rally may continue, but at these speeds the correction will be painful. Keep your stops.
#Binance #ETH #trading #crypto #BTC
ETHUSDT: the trend is up, but caution won’t hurt
In a day +18.9%, the price is consolidating near $2,274. Ether first topped $2,000 since June, and this morning it updated $2,260. From the news: on August 20, the testnet Platåberget will be launched ahead of the Glamsterdam hard fork, and the well-known trader Doctor Profit announced a breakout (weekly EMA50). Tom Lee also pointed to a breakthrough of a multi-year downtrend in the ETH/BTC pair.
But there’s a catch. Such a sharp move in an asset with a capitalization of under $300 billion looks extremely speculative and doesn’t resemble a healthy return to old highs. Big players aren’t just pumping the price for no reason: Bitmine has already accumulated 5.82M ETH—almost 5% of the total supply—and one of the whales bought 5,000 coins for $9.53M within a couple of hours. When institutions build positions at these speeds, it’s often a setup for liquidity rather than organic growth.
The rally may continue, but at these speeds the correction will be painful. Keep your stops.
#Binance #ETH #trading #crypto #BTC