Nov.28-Dec.5(ETH)Weekly market recap
Cryptos are rallying again following SEC discussions with BlackRock and Grayscale. Another financial asset that performed well last week was gold. While the DXY fell, both BTC and gold became beneficiaries. BTC will usher in its halving in 2024, and changes in supply may make BTC more and more like precious metals. When a gold investor discovers that gold is near ATH, there is another financial asset whose supply is dwindling, is easy to store, and has no sovereign risk. So how will the investor choose?
ETH broke through the November high last week and also broke through the high of Shanghai upgraded, but it still lags behind BTC. We also raised the resistance level to 2300 and the support level to 2120.
Through the WTA indicator, we can see that the breakthrough of ETH last week was mainly contributed by retail investors represented by the gray columns, and whales did not appear. While the volume is above average, the candle combination is more like an alt-coin. The bullish trend continues on the ME indicator and the purple wavy area widens.
At the 4h level, whale performance is even weaker. And there are short-term rising and long-term fluctuations on the candle chart, which is not good. The ME indicator is the same as the daily level and continues to remain bullish.
To sum up, the performance of ETH is still weaker than that of BTC. While ETH continues to remain bullish, watch out for destructive candles that could bring an end to the bullish trend.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
ETH broke through the November high last week and also broke through the high of Shanghai upgraded, but it still lags behind BTC. We also raised the resistance level to 2300 and the support level to 2120.
Through the WTA indicator, we can see that the breakthrough of ETH last week was mainly contributed by retail investors represented by the gray columns, and whales did not appear. While the volume is above average, the candle combination is more like an alt-coin. The bullish trend continues on the ME indicator and the purple wavy area widens.
At the 4h level, whale performance is even weaker. And there are short-term rising and long-term fluctuations on the candle chart, which is not good. The ME indicator is the same as the daily level and continues to remain bullish.
To sum up, the performance of ETH is still weaker than that of BTC. While ETH continues to remain bullish, watch out for destructive candles that could bring an end to the bullish trend.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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