ETH WEEKLY REPORT: 7th March, 2022
1D TF: The last daily candle closed bearish and ETH is now trading below 2610 support. I would like to see a reclaim of this level with some solid Daily Candle in order to start looking for a long on ETH. Right now ETH is just following BTC. ETH will only be bullish above the LH trendline and for such a breakout we need help from BTC and ETHBTC.
12H Time-Frame: I would like to see a reclaim of the $2,610 on the 12H chart with proper volume first in order to look for any trade. Any rejection from there will potentially take us lower. Also keep in mind about BTC.D which has pumped quite a bit since the choppy market.
SHORT-TERM-
4H Time-Frame: Same for the 4H chart, a reclaim of the 2610 level is a must for any sort of bullish continuation or market structure formation.
Remember, when BTC.D pumps, alt coins will bleed out in their BTC pairs and will be stuck on their USDT supports by a thread. In such a scenario, BTC does a solo rally and altcoins are left gasping for breath.
So, when BTC.D is up:
BTC pumps
- Altcoins will bleed in their BTC pairs and hardly move in USDT pair
BTC dumps
- Altcoins lose more percentage of value in both USDT & BTC pair
BTC sideways
Selective altcoins will pump according to the trending sector, but most will remain under tight consolidation.
#CoinDCXpathbreaker
