A few weeks back during the recent run up I observed that
ETHUSD
was outperforming
BTCUSD
. Now in this recent drawdown across the board in cryptocurrency Ethereum has UNDERPERFORMED Bitcoin as evidenced by looking at the
ETHBTC
. My initial thesis could be wrong about the shift in dominance and in price. The past outsized returns are being shown to be a sign of higher volatility of Ethereum itself. The pair has reached a level of 0.03586 which is made significant by the 50% retracement of the recent down move as well as past price inflection points. I will be looking for it to hold below (bearish) or break above (bullish) to find my sentiment.
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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: www.youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade