Hope you had a nice weekend. ETH certainly did. After ending the week hanging around $380, ETH broke $400, spiking temporarily to $430 early this morning – until a sharp reversal around 5am ET.
This movement is very encouraging to me, including the quick drop this morning. I expect this to be one of the last – if not the last – “bull trap” before ETH has bottomed out and begins a new bull cycle.
I think Tuesday/Wednesday touches the relative low of this bear market, ~$360, with the potential to break below and very quickly reach the low 300s before a quick rejection. Then recovery starts late in the week into a huge weekend.
There is a chance that ETH actually did hit bottom last week, I’d just be surprised. That said, I still recommend buying at this level. We’re close to bottom.
Another positive indicator is the ETH/BTC ratio which shows that this latest recovery effort was driven by ETH and not an overall crypto movement –
I think the ratio dips along with the price of ETH over the early part of this week, before a strong recovery in both ETH/USD and ETH/BTC.