Brief Analysis——ETH
Another ETH analysis from the same week. We were bullish on ETH in our weekly recap, and based on the bullish performance of ETH, we gave a Long conclusion. Two days later, ETH had a pump and reached around 2100, which was the level during the Shapella period.
On a news level, some one discovered that BlackRock had registered the iShares Ethereum Trust in Delaware yesterday. The same situation also occurred before BlackRock officially applied for a BTC ETF. This means BlackRock is taking a step forward on the path to an ETH ETF.
We know that you will have questions: So what level will ETH's rise in this round reach. Actually, we don’t have clear answer, but you can look at the picture below.
This is the pair of ETH/BTC. When you think ETH will have more Alpha than BTC, then you can go long on this pair. Otherwise, go short. We can see that the long green candle has reversed the ongoing decline due to latest news. We marked the candle chart with two cross lines. The yellow one is the start for latest pricing on the approval of BTC ETF. It is clear that with the long green candle, ETH has logically achieved the same pricing. The blue one is the market pricing of the IBTC listed at DTCC. The current rate has not yet reached this pricing level. ETH/BTC may continue to rise. Of course, this situation can also be achieved through the decline of BTC in addition to the rise of ETH.
After qualitative analysis of the news, let’s look at the changes in indicators at the 1h level. On the ME indicator, the purple wavy range continues to be maintained, which means that ETH maintain a bullish trend. On the WTA indicator, you can see that the appearance of blue columns representing whales and the trading volume have increased significantly in the first wave of rise (green range), and we have not even seen the increase in bearish power. Although the blue columns disappear in the yellow range, there is no long red candle or long upward pin-bar. ETH will most likely continue to maintain a bullish trend in the short term.
On a news level, some one discovered that BlackRock had registered the iShares Ethereum Trust in Delaware yesterday. The same situation also occurred before BlackRock officially applied for a BTC ETF. This means BlackRock is taking a step forward on the path to an ETH ETF.
We know that you will have questions: So what level will ETH's rise in this round reach. Actually, we don’t have clear answer, but you can look at the picture below.
This is the pair of ETH/BTC. When you think ETH will have more Alpha than BTC, then you can go long on this pair. Otherwise, go short. We can see that the long green candle has reversed the ongoing decline due to latest news. We marked the candle chart with two cross lines. The yellow one is the start for latest pricing on the approval of BTC ETF. It is clear that with the long green candle, ETH has logically achieved the same pricing. The blue one is the market pricing of the IBTC listed at DTCC. The current rate has not yet reached this pricing level. ETH/BTC may continue to rise. Of course, this situation can also be achieved through the decline of BTC in addition to the rise of ETH.
After qualitative analysis of the news, let’s look at the changes in indicators at the 1h level. On the ME indicator, the purple wavy range continues to be maintained, which means that ETH maintain a bullish trend. On the WTA indicator, you can see that the appearance of blue columns representing whales and the trading volume have increased significantly in the first wave of rise (green range), and we have not even seen the increase in bearish power. Although the blue columns disappear in the yellow range, there is no long red candle or long upward pin-bar. ETH will most likely continue to maintain a bullish trend in the short term.
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