While the bitcoin bubble is not unnecessarily going to burst, we must consider this possibility. I believe ETH is a relatively safe haven due to its clearly-defined support zone & more sound fundamentals.
The chart is pretty self-explanatory.
Even if the bitcoin bubble completely bursts and bitcoin goes to under $5k, which was where it started parabolic growth, I think it's hard for ETH to go under support zone 2.
There're of course upsides, too. ETH's upside is not worse than that of BTC's, while BTC has no clearly-defined bottom because it hasn't had a meaningful accumulation.
Check out my website: jlteng.com
Also check out my view on BTC:
The chart is pretty self-explanatory.
- $575 is the .236 level & the monthly EMA support
- $485 is the previous breakout after a half-month consolidation
- $448 is another .236 & the middle of support zone 1
- lastly $319 is the most important breakout of the year after a two-month consolidation
Even if the bitcoin bubble completely bursts and bitcoin goes to under $5k, which was where it started parabolic growth, I think it's hard for ETH to go under support zone 2.
There're of course upsides, too. ETH's upside is not worse than that of BTC's, while BTC has no clearly-defined bottom because it hasn't had a meaningful accumulation.
Check out my website: jlteng.com
Also check out my view on BTC:
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