Ethereum Update After Bitcoin Hits $70,000: Are We Bullish Now?

29. Okt.

Bitcoin moved above $70,000, does this changes the map?
Is Ethereum bullish now? What to expect next?

We are looking at Ethereum on the daily timeframe and we can see that market conditions have not change one bit.

Ethereum (ETHUSDT) continues to move within a bearish flag, which is a continuation pattern, and fairly low compared to its 21-October peak price.

Bitcoin's move above 70,000 can be considered something like market manipulation, or maybe just the exchanges moving the price a little bit to liquidate over-leveraged traders and keep the collateral they deposited on said exchanges.

Whichever the case, Ethereum is not showing any new highs nor break above resistance, it remains extremely bearish and both Bitcoin and Ethereum follow the same pattern. Something is off... Nothing is off, we continue bearish on the Crypto-giants until the correction runs its course.

Thanks a lot for your continued support.

Namaste.