Since Bitcoin bottomed out at $53,000 on July 5, the market has reversed significantly in just half a month, fluctuating upward and recently breaking through $66,000.
After the golden cross of EMA200 and EMA20, Bitcoin fell back and the price consolidated near EMA20 for 24 hours (6 4-hour candlesticks), and then a big positive line continued to push the price up. At present, both EMA20 and EMA200 moving averages are showing an upward trend.
The following are the expectations for the future:
If Bitcoin is to rise to $70,000, there better not be a big price retracement. At the same time, the slope of the EMA needs to continue to increase to form a complete bullish formation.
The next low-risk entry point: continue to wait for the price to approach EMA20. As long as the price does not effectively fall below EMA20, the overall market will remain strong.
My direction in the past two years has always been: more than 100,000. In fact, for any investment target, there should be only one direction within a cycle, and after the cycle ends, consider another direction. After the direction is correct, it is a matter of position management.
When it is 70,000, buy less and sell more. When it drops to 60,000, buy more, and below 5.5, it is even worse. In the long run, control your positions and don’t need to pay attention to the market and market sentiment. In the short run, pay attention to the shocks before and after the Ethereum ETF, which mainly focuses on Ethereum and the projects in this series. There is a high probability that they will go to extremes, but no matter which direction, they will first pull out a big positive line.
There is a big news today: the Chicago Board Options Exchange (Cboe) announced that five Ethereum spot ETFs will be listed on the exchange on July 23. These ETFs include Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF and 21Shares Core Ethereum ETF. Cboe has issued a new issuance notice, which is one of the procedures before the ETF is issued.
ETH’s spot ETF will be released next week. Many friends are worried that Grayscale will dump the market again. Here are some of my personal opinions.
1. It was not Grayscale that dumped the market, but its users. Grayscale holds almost no ETH.
2. The so-called market crash was mostly due to the high handling fee of GBTC at that time, and many investors switched from GBTC to other ETFs. PS: Even so, GBTC currently holds more than 280,000 BTC, slightly lower than the 600,000 BTC stock at the opening.
3. Although Grayscale’s ETHE transaction fee is also very high this time, there is a Mini ETF of ETH, which accounts for 10% of the total. It is hoped that the sell-off can be reduced, but it is hard to say whether some people will not be able to bear it.
4. Sell The News is also probabilistic and very normal, but if you say that the same scale as BTC caused a 26% pullback, I personally don’t believe it. The quoted tweet makes it very clear.
5. Many friends are saying that the price of ETH is already priced in, and the expected good news will be bad news. This idea is 100% wrong. Many people said this when BTC was first launched, but it turned out to be a new high after the correction period. The same is true for ETH, because the biggest good news is not the news of the ETF passing, but the real money and silver that came in after this news, which turned into purchasing power, which is the real good news. If nothing unexpected happens, August will be the time for Ethereum and the Ethereum system to explode!
Ethereum ETF is launched. Will the Ethereum ecosystem’s altcoins explode?
Some bloggers made predictions and summed up the survey results. The conclusions are as follows:
(1) ETH outperforms most Ethereum ecosystem altcoins
(2) The performance of L2 tokens is generally not as good as that of ETH. Investing in L2 is not as good as investing directly in ETH.
(3) Ethereum-related Meme coins outperform DeFi and L2 tokens
(4) Among DeFi tokens, Pendle and ENS performed well
The figure below shows the annual returns of altcoins related to the Ethereum ecosystem. It is obvious that PEPE has the best performance.
How to choose high-yield altcoins related to ETH
If you want to invest in ETH-related altcoins to pursue higher returns, the following suggestions may help you:
Investing in ETH itself is a good choice: as a mainstream cryptocurrency, Ethereum has solid growth potential.
Consider high-Beta coins: Pepe, Pendle, and ENS, which may bring higher returns than ETH.
Perhaps like the Bitcoin ETF, the inflow of funds into the ETF will not have much impact on the Ethereum ecosystem.
This listing is also expected to impact several meme coins associated with Ethereum, pushing up their prices!!!!
Which meme coins will benefit the most?
$SHIB
Shiba Inu Coin (SHIB) is a popular meme coin that has seen significant growth in the decentralized finance space. SHIB is built on the Ethereum network and its value has grown by 122% over the past year. SHIB currently ranks 13th among the largest cryptocurrencies by market cap, with a market capitalization of $10.13 billion. Despite the dip, SHIB remains a strong investment due to increased trading activity, systematic token burning, and the launch of Shibarium, providing buyers with the opportunity to accumulate more SHIB at a discount.
$BABY
Pepe is an Ethereum-based meme coin that aims to rival Shiba Inucoin and Dogecoin. With the upcoming launch of an Ethereum ETF, traders expect assets related to the Ethereum ecosystem to rise. Pepe is currently ranked third among meme coins with a market cap of $4.9 billion.
$FLOKI
Floki is an older meme coin inspired by Elon Musk that has evolved from a meme to a globally recognized brand. As an ERC20 meme coin with a large number of holders, Floki is expected to benefit from the Ethereum ETF approval.
$PEOPLE
PEOPLE coin is jointly initiated and supported by a group of like-minded community members, most of whom are blockchain technology enthusiasts and community advocates. Its purpose is to achieve community autonomy and democratization through digital currency, and promote community development and innovation!
There is no problem with the expected growth of these four coins to be around 10x by the end of the year.
The core question is: Which Meme coin on Ethereum or Solana is more durable and which one has a greater wealth effect?
A blogger compared the performance of Meme coins on Ethereum and Solana in terms of issuance efficiency, liquidity and duration. The selected Meme coins included GME, JENNER and FIGHT.
The main conclusions of the survey are as follows:
Coin issuance efficiency: Solana generally has a first-mover advantage and is able to issue Meme coins faster. In short, Meme coins on Solana are issued faster.
Liquidity: Meme coins on Ethereum generally have better liquidity.
Duration: The price increases of meme coins on Ethereum tend to be more lasting, while the meme coins on Solana rise quickly but also fall faster.
Existing problems: Meme coin speculation faces problems such as too many tokens with the same name and split consensus, which is more obvious on Solana.
Summarize
If you are a cryptocurrency expert who often checks Twitter and pays attention to on-chain information, PVP trading on Solana may be more suitable for you.
If you are an ordinary investor, Meme coins on Ethereum may be more suitable for you. Although the reaction may be a little slower, you can avoid becoming a leek when liquidity is withdrawn.
Otherwise, when the Meme coin on Solana rises sharply and makes you feel FOMO, you are likely to become the leeks who take over at a high price.
