Let’s start with the conclusion:

① The strength of ETH is its own matter. The reason ETH is strong is that funds from BTC have fled to ETH. Coupled with the law that the strong get stronger, it is easier to attract more off-market funds; it has focus and can concentrate. Therefore, this strength can even be maintained for a while.

② Why hasn’t BTC risen much these days? Because there is a limited amount of funds in the market. Although there is some new volume, it is not exaggerated. However, the amount of funds needed to drive BTC up requires a large volume. If the incremental funds cannot be guaranteed later, BTC’s rise will need to siphon off from ETH and other altcoins.

③ Will BTC adjust further? A slight adjustment. If it can hold steady around the 118,500 line for the next couple of days, it can continue to push higher. The pressure range remains at [121,400 - 121,800]. A successful breakthrough above 121,800 is needed to look for new highs. Otherwise, what needs to be watched is a failed push higher leading to a pullback adjustment, and as for how it will play out, we’ll discuss that later.

④ Under what circumstances could it directly turn bearish? Falling below the 115,700 line. Otherwise, it will continue to maintain a range-bound pattern. As for whether this fluctuation is for distributing or washing out, it’s the latter. Still, the same saying: if there’s a major adjustment in the future, you should feel happy, not panicked. That’s a sign of a bull market correction. #ETH突破3600 #美国众议院通过三项加密货币法案 #以太坊连续两日领涨 #山寨季何时到来？