ETH has been struggling. People are unhappy. Why is ETH not pumping?!
Simple:
1. BTC crushed the $50k resistance, reminding everyone who is king (Michael Saylor buying another billion worth of BTC also helped, see below my BTC idea).
2. BNB is close to $200 - wait WHAT?! Yep... this is what happens when you have $14 transaction cost on ETH network and on Binance Smart Chain it is 20 cents.
All this combined... and others make ETH somewhat bearish and unattractive until it fixes its issues... Seems 2k and above will be a struggle. Because 2k means $20 a transaction on ETH, 4k, $40 and so on... not to mention a swap which is 4x more, so like $200 to do a swap on Uniswap when ETH will be at $4k is really a massive turn off.
But what about the indicators, who cares about fundamentals, price action is king.
On 4h timeframe, MACD just crossed on the positive side and we are expanding. RSI is going higher and we seem to want to pump soon. We also painted an ascending triangle, so likely for us to go up from here. Thus bias is bullish!
However, on daily, MACD is on the negative side, but this can flip soon back to positive if we maintain our up-trend on lower time frames. So be cautious for now.
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Simple:
1. BTC crushed the $50k resistance, reminding everyone who is king (Michael Saylor buying another billion worth of BTC also helped, see below my BTC idea).
2. BNB is close to $200 - wait WHAT?! Yep... this is what happens when you have $14 transaction cost on ETH network and on Binance Smart Chain it is 20 cents.
All this combined... and others make ETH somewhat bearish and unattractive until it fixes its issues... Seems 2k and above will be a struggle. Because 2k means $20 a transaction on ETH, 4k, $40 and so on... not to mention a swap which is 4x more, so like $200 to do a swap on Uniswap when ETH will be at $4k is really a massive turn off.
But what about the indicators, who cares about fundamentals, price action is king.
On 4h timeframe, MACD just crossed on the positive side and we are expanding. RSI is going higher and we seem to want to pump soon. We also painted an ascending triangle, so likely for us to go up from here. Thus bias is bullish!
However, on daily, MACD is on the negative side, but this can flip soon back to positive if we maintain our up-trend on lower time frames. So be cautious for now.
Like and follow if you liked this idea. Also join my crypto community to stay in touch!
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