ETH showed aggressive recovery to growth today. But it has looked stronger than #BTC in previous days. For example, it gave a stable uptrend on the hourly timeframe according to our indicator as early as Wednesday, August 20, at a rate of $4,242.
Bitcoin - only today and during Powell's speech.
Today, ETH already has a return to stable uptrends on the 2-, 3-, and 4-hour timeframes. Moreover, unlike BTC, there is a stable uptrend on the 8-hour timeframe as well. The extreme and maximum target is $6,039, an additional target from the monthly timeframe according to our indicator.
Today's pump gave almost +10% net movement and, of course, it's a pity to miss it. But for now, we are neither shorting nor longing #ETH, considering it dangerous within the framework of our strategy.
On one hand, the buyers of the asset are very strong. And the market is clearly in the second phase, the phase of redistributing liquidity from BTC to ETH. Plus, there is interest regarding the Ethereum ETF and ETH treasury.
On the other hand, the asset already has a second Strong signal of a potential high on the weekly (!) timeframe. And this raises very big questions about the prospects for further growth. We cannot buy such.
The high of $4,788 has not yet been rewritten, but there is very little left to reach it, only $9 from today's high. And then ATH is not far away. Locally, we could well form a 'Double Top' with a target around $3,350. Although, to be honest, there are no expectations for that.
In general, let's remember that potential high markers on the weekly timeframe are currently present for both #BTC and #ETH.
And this raises the question of the ability of #BTC to rewrite ATH in the near future without additional liquidity collection below.
Therefore, we are being cautious with long positions. Considering local low markers and stable uptrends, but keeping in mind the 'Sword of Damocles' on the weekly timeframe.
