Ethereum Blasts Through All-Time Highs, Enters Price Discovery!

IN THIS ISSUE

HIGHLIGHTS

  • $ETH blasts through all-time highs, enters price discovery!

  • $ETHBTC completes bullish retest

  • $BTC approaches “key battleground”

  • Altcoin perp hits Chaos PRZ

  • DeFi does the DeFi thing

As we enter the second month of 2021, Ethereum is leading the way following the confirmation of the massive bullish structure vs. $BTC that we highlighted last week. After completing a bullish retest of the breakout level and tagging the .382 of the pump chaser zone, the $ETHBTC pair is pressing higher, looking primed for a new yearly high in the near future!

Altcoins are reacting the way we’d expect. Popping off multi-x returns one day after another. The leaderboards are filled with big green numbers and life is good for the bulls.

Elon Musk helped the cause when he added “#Bitcoin” to his Twitter profile, presumably in response to the WallStreetBets/GME saga. The Robinhood PR team has their work cut out for them this month as they scramble to clean up their image in the wake of last weeks’ one-sided trade halt.

The narrative for a decentralized “free market” has never been stronger! Exchange sign-ups are through the roof, trade volumes continue to rise, and “normies” are piling in, hungry for what crypto has to offer.

There is no other way to put it… The cryptocurrency market is HOT right now and the total market cap for altcoins hasn’t even broken its all-time high yet.

 

BTC/USD WEEKLY

HIGHLIGHTS

  • $BTCUSD saw strong buyback volume last week and is now approaching our key battleground for a second time. Continuation to the highs and beyond will put the #altcoin vs. $BTC rally back on hold. Alternatively, a game of “fib pong” on the weekly, forming a pennant, would be a green light for more gains in alts, making this level that much more important to watch!

 

BTC DOMINANCE WEEKLY


HIGHLIGHTS

  • Bitcoin dominance continues to trend down after the Elon Musk Twitter profile incident caused a brief spike back above the trendline. There is no signs of reversal for now which bodes well for the current “alt-season”.

 

ETH/USD WEEKLYeth chart weekly

HIGHLIGHTS

  • $ETHUSD blasted through its all-time high yesterday and looks poised for continuation. Taking positions at the highs is always a risky endeavor, especially when trading with leverage. Pro traders can spot bullish throwback levels and will use those when looking for fresh long opportunities.

  • The CME $ETH futures will be listed on February 8th. This will be a huge liquidity add for Ethereum and marks a big stamp of approval from the legacy markets. It may however be met with intense volatility and as such, many traders will likely look to reduce exposure heading into the event.

 

ETH/BTC WEEKLY

HIGHLIGHTS

  • $ETHBTC completed a picture-perfect bullish retest at the breakout level, confluent with the .382 of our #pumpchaser zone from last week. Price is testing the top of the broadening ascending wedge again at the time of writing. A breakout from here would likely result in a teleport up to the .055 resistance above.

 

ALTCOIN PERP

HIGHLIGHTS

  • The altcoin perp index enjoyed another big week! Price has arrived at the 1st Chaos PRZ which makes a great spot for taking some profits. The lack of volume on the most recent move up gives a slight pause on the overt bullishness of the chart.

 

DEFI PERP WEEKLY

HIGHLIGHTS

  • The DeFi perp continues to move higher on rising volume and is still well below any valid TA targets we can identify. The DeFi market dominance remains low at just 5.1%.

Altcoin Total Marketcap

HIGHLIGHTS

  • The total altcoin marketcap in $’s has yet to breach all-time highs but looks primed to do so in the coming weeks. If that chart goes into price discovery, things are really going to heat up around here.

 

Disclaimer:

The following commentary is provided for informational purposes only and may not represent the views of Hxro Games Ltd. or its affiliates, and should not be viewed as legal, tax, investment, financial or other advice. Digital asset transactions are inherently risky, and you are fully and solely responsible for evaluating your purchasing decisions at your own risk. Past performance is not indicative of future results.

©2021 by Hxro Labs

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