Jan.23-Jan.30(ETH)Weekly market recap
Funds continue to flow out of GBTC. Since the BTC ETF was approved, US55B has flowed out, and at the current speed, GBTC is expected to be cleared by the end of February. What makes us curious is why the fee of GBTC is higher than that of several other ETFs. Obviously, investors are not willing to bear such a high cost, and it is difficult for GBTC to increase assets. We believe that the outflow of funds from GBTC will continue to put pressure on BTC prices, but it will still move towards ATH in the medium and long term.
ETH dropped to reach our given support level and gave up its previous gains to return to its original range. ETH, like BTC, has given up its over-pricing of BTC ETF and returned to the long-term range. But judging from last week’s performance, ETH has become a follower again. After testing the support level for several consecutive days, it began to rebound, driven by the market.
At the daily level, ETH continues to maintain a bullish trend. However, the rebound brought by the bulls was small, and there was not much support from whales.
Switching to the 4h level, we can clearly see that although whales participated in the previous dump, they did not appear during last week's rebound. And the ME indicator suggests that it is currently in a bearish trend.
In summary, ETH may continue to follow BTC this week, but the power of the bulls is still weak. It’s hard to imagine what the current ETH/BTC exchange rate would be without staking.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
ETH dropped to reach our given support level and gave up its previous gains to return to its original range. ETH, like BTC, has given up its over-pricing of BTC ETF and returned to the long-term range. But judging from last week’s performance, ETH has become a follower again. After testing the support level for several consecutive days, it began to rebound, driven by the market.
At the daily level, ETH continues to maintain a bullish trend. However, the rebound brought by the bulls was small, and there was not much support from whales.
Switching to the 4h level, we can clearly see that although whales participated in the previous dump, they did not appear during last week's rebound. And the ME indicator suggests that it is currently in a bearish trend.
In summary, ETH may continue to follow BTC this week, but the power of the bulls is still weak. It’s hard to imagine what the current ETH/BTC exchange rate would be without staking.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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