$ETH
It's hovering around $2,289 right now, up a little over 2% in the past 24 hours, with a high of $2,309 and a low of $2,225. Trading volume is $8 billion. Honestly, that kind of volatility is pretty mild for ETH, but take a look at the volume—$8 billion is actually significant. Over in the US stock market, space stocks surged 1,123% and then crashed. Chamath came out and said, "Prices are driven by expectations," and that couldn't be more true in crypto. I took a look at the charts today: ETH climbed back from $2,225 to $2,290, a recovery of more than $60, and it's pretty clear that buyers were stepping in at the lows. This wasn't the kind of scattered buying you get from retail traders; it looks more like someone betting on the midterm election results. Dow and Nasdaq futures are down, and the market is weighing the possibility of a Democratic sweep. This kind of macro uncertainty usually hits risk assets first, then gives them a window to rebound. ETH is in a pretty delicate spot right now: $2,309 is near-term resistance, and $2,225 is support that's just been tested. In between, the market is waiting for news to point the way. My take: if the midterm election results come in without any worse-than-expected bad news, ETH will probably take another run above $2,300. But if trading volume dries up, watch out for a false breakout. On the other hand, if it breaks below $2,225, this whole rebound will have been for nothing. At this point, chasing the price is less appealing than waiting for a pullback and confirmation. The $8 billion in volume should keep it from collapsing outright, but don't expect it to shoot much higher in one go. What do you think?
It's hovering around $2,289 right now, up a little over 2% in the past 24 hours, with a high of $2,309 and a low of $2,225. Trading volume is $8 billion. Honestly, that kind of volatility is pretty mild for ETH, but take a look at the volume—$8 billion is actually significant. Over in the US stock market, space stocks surged 1,123% and then crashed. Chamath came out and said, "Prices are driven by expectations," and that couldn't be more true in crypto. I took a look at the charts today: ETH climbed back from $2,225 to $2,290, a recovery of more than $60, and it's pretty clear that buyers were stepping in at the lows. This wasn't the kind of scattered buying you get from retail traders; it looks more like someone betting on the midterm election results. Dow and Nasdaq futures are down, and the market is weighing the possibility of a Democratic sweep. This kind of macro uncertainty usually hits risk assets first, then gives them a window to rebound. ETH is in a pretty delicate spot right now: $2,309 is near-term resistance, and $2,225 is support that's just been tested. In between, the market is waiting for news to point the way. My take: if the midterm election results come in without any worse-than-expected bad news, ETH will probably take another run above $2,300. But if trading volume dries up, watch out for a false breakout. On the other hand, if it breaks below $2,225, this whole rebound will have been for nothing. At this point, chasing the price is less appealing than waiting for a pullback and confirmation. The $8 billion in volume should keep it from collapsing outright, but don't expect it to shoot much higher in one go. What do you think?
