Ethereum / Breaking News / Analytics
Ethereum (ETH) started the day in green but Bitcoin (BTC) did it better. There is a reason retail bulls are more interested in Bitcoin (BTC) compared to Ethereum (ETH) and that has to do with the recent 43% pump in BTC/USD in just two days. In this market, traders like to wish for something to happen again more than we have seen in other markets. This is the reason many people are comfortable buying all sorts of altcoins because they think if they made an all-time high before, they will make an all-time high again. This is kind of how pyramid schemes work too but let’s not get in to that. I’d like to think this is a real market and nothing of the sort is going to happen here.
There have been times when I have been bullish on Ethereum (ETH) but this is not going to be one of those times. The daily chart for ETH/BTC shows the price failing to break past the 38.2% fib retracement level. Normally, this would be a very bearish sign and we would see a sharp decline but this time, the big players in this market are trying to avoid any sharp declines as much as possible until they are done selling and trapping in more retail bulls. I fail to understand why some people don’t like the idea of me exposing all of this even though they are not whales. We have a ton of media outlets out there talking about cryptocurrencies flying to the moon, I think it is only reasonable to want to hear the other side too if you plan on making good investment rather than wanting to feel good.