From the perspective of short-term indicators, although there have been signs of BTC building a bottom, it has not succeeded yet. We will continue to observe, and additionally, ETH has shown signs of growth alongside BTC's bottom building, with a rise from 118400 to 119200, a surge of 4428.
This is the reason behind BTC's overall market and ETH's strong performance in this upward trend. As long as BTC cannot break strong support and continues to build towards an upward momentum, ETH will also surge alongside BTC's pullback.
However, although BTC's bottom building has shown effectiveness, it has not succeeded yet, and if it continues to oscillate at the bottom, ETH will only experience minor declines and larger increases. This is what I mentioned in a post on August 3rd, stating that ETH is heading towards 123000, and if ETH breaks 4100, it will go towards 4500, and it is currently at 4428, which is basically achieved.
But from the overall market perspective, as long as BTC oscillates at a high level or breaks new highs, ETH will inevitably rise with the tide; reaching 5000 and 5600 is not a dream. Let's see how the BTC market trend unfolds next.
As we approach higher levels, everyone starts to fear heights, even blindly shorting at low points during high pullbacks. The amount of short positions ETH has liquidated is a lesson for retail investors in the market.
From the current indicators, the overall trend remains bullish, with no signs of a trend reversal. The only options are to build long positions on successful pullback consolidations or to position long in the V-recovery area, especially for spot trading. It's not about shorting; it’s about focusing on long positions.
