Ethereum and Bitcoin are both about to complete golden cross formations on their daily charts. However, while BTC tracks sideways right now, ETH is making a strong recovery towards $270.
Ethereum has traders extremely bullish
In a recent Bitcoinist article, we looked at a popular Youtube and Twitter crypto analyst’s perspective on whether or not a Bitcoin Bull market had actually begun. He seemed a little reluctant to call a full-fledged bull market until certain trading signals were met. Benjamin is not really concerned with short term price, he analyzes macro-trends, for the most part.
In his most recent video, Bitcoin: The Golden Cross, he had some very interesting insight on Ethereum, the hype surrounding DeFi, and why Ethereum might mirror early Bitcoin price action from 2015, in the run up to its all-time high of $19,891 dollars.
Cowen states that Ethereum has a higher parabolic angle than the initial increase of Bitcoin’s 2015 bullish reversal. Ethereum as the grand daddy altcoin, may outperform BTC as it somewhat acts as an altcoin index fund.
(3) What should you buy?
Always do your own research, but I’d recommend:
1. Bitcoin (BTC)
2. Etherum (ETH)
BTC is an obvious choice, but why is owning ETH a good idea?
Because it acts like an index fund for Altcoins. By owning ETH you automatically benefit from Altcoin pumps!
— Bitcoin Macro (@BTC_Macro) August 2, 2019
The similarities in the two charts of the two leading cryptos leaving him bullish from a macro perspective, although he does state that a real bull market can’t truly begin until Bitcoin (and Ethereum) maintain above of the 20 week moving average for an extended period of several months.