Bitcoin / TetherUSShort
🔥 Ethereum WEAK Against Bitcoin: Signaling Further Fall
In the chart above I want to draw your eye on the number 1 alt versus Bitcoin. On the left we have ETH, on the right BTC.
Recently I noticed that ETH is starting to severely underperform BTC, take a look at the charts.
- Point (1) is much further up for ETH. BTC has recently even re-tested its (1) area. From the top of their respective points (1), ETH has lost 26.6% and BTC around 7.9%. ETH has lost almost 20% against Bitcoin in less than a month!
- ETH is trending down, indicated by lower-highs and lower-lows. BTC seems to be trading within a range, even making a higher-high recently.
In my view, this is bearish and is bad news for bulls. Investors are dumping the number 2 crypto and moving their funds into a safer Bitcoin. If ETH already has lost around 20% against, imagine how other alt coins are performing...
The above can be explained by an increasing Bitcoin Dominance. Please check out my educational post below if you want to learn more about this statistic.
Recently I noticed that ETH is starting to severely underperform BTC, take a look at the charts.
- Point (1) is much further up for ETH. BTC has recently even re-tested its (1) area. From the top of their respective points (1), ETH has lost 26.6% and BTC around 7.9%. ETH has lost almost 20% against Bitcoin in less than a month!
- ETH is trending down, indicated by lower-highs and lower-lows. BTC seems to be trading within a range, even making a higher-high recently.
In my view, this is bearish and is bad news for bulls. Investors are dumping the number 2 crypto and moving their funds into a safer Bitcoin. If ETH already has lost around 20% against, imagine how other alt coins are performing...
The above can be explained by an increasing Bitcoin Dominance. Please check out my educational post below if you want to learn more about this statistic.
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