This was a spot to shave off some risk (40%) from earlier spot trades on this pair. The bear case shows some levels around the tenkan an kijun which act as support and possible spot re-entries. The bull case is a 3X from here which happened in 2017 after a severe flash crash on the Kraken exchange (which also happened a few weeks back). I'm not looking too hard at fundamentals, stimmy money, or open interest, just pure technicals on this trade. ETH USD looks weak from a technical standpoint and I know a few other analysts that would agree, which is why I'm looking at the weekly chart here.
I'll be happy to pile back in at or below $1K, and considering that ETH is almost impossible to use due to high gas costs, I'm fine waiting this one out. I still have 60% of my trading assets in ETH so I may hedge here as well depending on the price action this week.
It is interesting to note that while the tech stock have had a rough couple weeks, we havent seen close correlation in the crypto markets.
I'll be happy to pile back in at or below $1K, and considering that ETH is almost impossible to use due to high gas costs, I'm fine waiting this one out. I still have 60% of my trading assets in ETH so I may hedge here as well depending on the price action this week.
It is interesting to note that while the tech stock have had a rough couple weeks, we havent seen close correlation in the crypto markets.
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of course this is crypto and anything can happen, and I'm likely wrong here, but I have a feeling this might come back down to earth soon.
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It seems that the buy volume is dismal at best, at this point whales are probably poised to start a cascade sell off but there is a high probability there is some buyers waiting for great entries. Fast correction and then resume uptrend for more gains.