Market Analysis

$BTC : The market got support near 61,000 yesterday, and then began to rise to a maximum of 63,300. However, from the bottom volume, it is still relatively weak. Without the increase in volume, short-term support can be ignored. In the future, I think it will continue to test the support trend with weak fluctuations. The key position that everyone should pay attention to next is around 58,000. If this position can get effective support with large volume, then it can be determined that the adjustment of the market has ended.

$ETH : ETH/BTC dropped to 0.048 again. It seems that the confidence given by Grayscale will not last for a day. In fact, the blow ETH is currently facing is mainly a securities issue. This can be seen from the remarks of the founder of Consensys criticizing the SEC. The SEC has now classified ETH as a security, so if it wants to pass the ETF in the future, it must first win the lawsuit and then wash away the stigma of this security. In addition, the recent on-chain transaction volume is really small, and the user base and destruction that it was proud of before are no longer visible. In short, the probability of ETH going up in the short term is very small, but there is no problem in the long term. Even the crypto-black JPMorgan Chase believes that ETH will definitely win the lawsuit against the SEC and the ETF will definitely pass in the future.