Dec.5-Dec.12(ETH)Weekly market recap
Over the weekend, many BTC ETF applicants submitted revised prospectuses to the SEC. Among them, well-known asset management companies such as BlackRock and Fidelity discussed the redemption assets of BTC ETF with the SEC, and finally determined that they would be redeemed in a manner similar to cash. Everything is going on in an orderly manner.
The crypto saw a significant dump on Monday and did not recover the extent of its losses within 24 hours. FOMO gradually weakens. However, there has not been any change in the macro perspective, and the decline is just a correction in pricing. Our research department has reviewed the trend of the history of BTC. In past bull markets, there will be relatively obvious drawdowns, with a magnitude greater than 30%. The largest drawdowns in the bull market that started in 2023 has been 20%, which is smaller than the average.
Like BTC, ETH rose above the given resistance level last week, but quickly fell back down. The lows for the week are close to our support level. There was not much trading volume on the way down. We maintain previous resistance level 2300 and support level 2120. The ME indicator shows that ETH remains bullish, but the purple wavy area is beginning to narrow. It can be seen from the WTA indicator that there are not many whales participating in this round of rise (2100-2400). With the appearance of Monday's long rainbow candle, the current uptrend has come to an end.
At the 4h level, the ME indicator shows that ETH continues to maintain a bullish trend. Like BTC, after the long red candle appeared, whales eagerly participated in the transaction, causing ETH to fall further.
To sum up, ETH is a follower of BTC. We believe ETH remains bullish at large levels, but the current pullback is likely not over.
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.
The crypto saw a significant dump on Monday and did not recover the extent of its losses within 24 hours. FOMO gradually weakens. However, there has not been any change in the macro perspective, and the decline is just a correction in pricing. Our research department has reviewed the trend of the history of BTC. In past bull markets, there will be relatively obvious drawdowns, with a magnitude greater than 30%. The largest drawdowns in the bull market that started in 2023 has been 20%, which is smaller than the average.
Like BTC, ETH rose above the given resistance level last week, but quickly fell back down. The lows for the week are close to our support level. There was not much trading volume on the way down. We maintain previous resistance level 2300 and support level 2120. The ME indicator shows that ETH remains bullish, but the purple wavy area is beginning to narrow. It can be seen from the WTA indicator that there are not many whales participating in this round of rise (2100-2400). With the appearance of Monday's long rainbow candle, the current uptrend has come to an end.
At the 4h level, the ME indicator shows that ETH continues to maintain a bullish trend. Like BTC, after the long red candle appeared, whales eagerly participated in the transaction, causing ETH to fall further.
To sum up, ETH is a follower of BTC. We believe ETH remains bullish at large levels, but the current pullback is likely not over.
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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