ETH is at 2515U now, and its price action is much more sluggish than BTC’s, hovering around 2500.
My short order at 2575 yesterday didn’t get filled.
Yesterday BTC touched a high of 84000, while ETH only peaked at 2535—still 40 points short of 2575. It didn’t even reach the high.
Big Brother has already charged all the way to the top, while ETH is still panting halfway up the mountain.
There’s something going on behind the scenes that many people haven’t connected to ETH.
STRK has been all the rage these past few days. It’s one of the most prominent Layer 2 networks on Ethereum. On the 8th, it said it was considering leaving Ethereum to build its own standalone chain.
The reason is quantum computing. The head of StarkWare said Ethereum won’t be fully quantum-resistant until 2029. They can’t wait that long, and say they can get it done themselves next year.
Even Ethereum’s own Layer 2s think its upgrades are too slow and want to move away. Naturally, when news like this comes out, funds are more inclined to stay with BTC, making it even harder for ETH to rally.
So my outlook on ETH is bearish only. Short near 2575 on a rebound, with a stop-loss at 2640 and an initial target of 2409. #eth $ETH
My short order at 2575 yesterday didn’t get filled.
Yesterday BTC touched a high of 84000, while ETH only peaked at 2535—still 40 points short of 2575. It didn’t even reach the high.
Big Brother has already charged all the way to the top, while ETH is still panting halfway up the mountain.
There’s something going on behind the scenes that many people haven’t connected to ETH.
STRK has been all the rage these past few days. It’s one of the most prominent Layer 2 networks on Ethereum. On the 8th, it said it was considering leaving Ethereum to build its own standalone chain.
The reason is quantum computing. The head of StarkWare said Ethereum won’t be fully quantum-resistant until 2029. They can’t wait that long, and say they can get it done themselves next year.
Even Ethereum’s own Layer 2s think its upgrades are too slow and want to move away. Naturally, when news like this comes out, funds are more inclined to stay with BTC, making it even harder for ETH to rally.
So my outlook on ETH is bearish only. Short near 2575 on a rebound, with a stop-loss at 2640 and an initial target of 2409. #eth $ETH