With the announcement of the interest rate decision, the price got a nice positive reaction, but they couldn't follow it up and the price went back to the $57,000 level.
To be frank, I predict that the decline will continue unless it closes above $59,000.
At the moment, the daily chart is really not looking good at all and this gives us the $53,000 signals very clearly.
If we don't see +$59,000 levels again today, I think the decline will deepen.
However, I think that these are good points for small long positions. If there is a bounce with partial additions and DCA, you can close these longs with profits and open new short positions.
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$ETH
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Ethereum is definitely more robust than Bitcoin. ETHBTC is up +3% today, which is one of the highest daily gains I've seen in recent times.
Also, the ETH price hasn't even hit the bottom that came with the war news yet. This means that ETH's liquidity is higher now than it used to be and people are starting to invest in ETH
rather than Bitcoin.
With the Halving and ETF hype over Bitcoin over, it's only natural that people would turn to ETH. I expect this trend to increase more in the fall and the real increase in ETHBTC will be then.
At the moment, Bitcoin is more of an investment vehicle than a technology and has very high liquidity and volume. Ethereum, on the other hand, is still used for its technology and is not a full-fledged investment asset. If the ETH ETF is approved, it means that ETH can also be considered as an investment instrument on the US side.
I prefer to open a long position on ETH rather than Bitcoin, and I plan to DCA as it falls to increase my position.
My buy levels on Ethereum would be $2,650-$2,430-$2,200 respectively. I will strengthen my positions by buying in threes at these points. Remember, this does not mean that the price will fall this far.
ETHBTC will hit a resistance point shortly, so it's worth being careful.#BTC #BinanceLaunchpool #bitcoinhalving
