Markets were fearful going into Powell’s speech yesterday. Following a surprisingly dovish tilt, risk assets rallied, this will likely continue.
However, in the short-term, $BTC is still in a bearish structure as price is below its uptrend line and its main horizontal support of $116,600.
$ETH on the other hand has a strong narrative with the Treasury company buys, keeping ETH and its eco-system, buoyant. Even though there are some bearish technicals like the bearish divergence, we expect
the narrative to push ETH push beyond $5,000, with $5,500on the table. For those looking for to buy dips, we’d look at the $4,200-$4,400 level.