Hey, guys,
today we're going to take a look at the etherem in bitcoin.
Locally, the instrument is near the lower boundary of consolidation, but still under its moving averages, and we should remember that we are in a downtrend. In case of a bounce, the potential of this trade is 2 to 1.
Looking at the weekly chart, the instrument is near its yearly low, and may give an entry point with the potential to move into the 0.08 zone, but this is a more distant prospect as the price of 1 ETH should be above $5,000, and to realize this scenario there should be a significant news positive in the market, such as the adoption of ETF on ether.
For the last year and a half bitcoin has been outperforming many altcoins and ethereum among others, but this year we may see the opposite picture, when altcoins will overperform bitcoin and in this case, this idea may be relevant, but there is always an alternative to generate income while holding bitcoin, such as staking, what you choose is up to you. DYOR.
