Ethereum has hit a record high, and the value of technology application is prominent. V God: The next stop is the stars and the sea
Long-term rating: Overweight
Short Cycle Rating:
Short Cycle Rating:
Small-cap cryptocurrencies underweight
Bitcoin reduction
Small-cap cryptocurrencies underweight
Today's point of view:
Ethereum is poised to break through its all-time high, how many days are left for small-cap cryptocurrencies?
Ethereum briefly surpassed it yesterday and set a temporary new high. On the weekly basis, the strength and magnitude of Ethereum’s increase has surpassed the bull market in 2017, but we believe that there is a huge space above Ethereum. Compared with Ethereum in 2020, Ethereum in 2021 has made great progress. In terms of application, the decentralized financial sector of Ethereum has shown unparalleled potential, and it has also made good progress in NFT. It has become an important sector that may subvert traditional enterprise management. Compared with the public chain that issued coins in 2017, Ethereum, as a public chain, has incubated a number of extremely valuable projects.
From a technical point of view, we remind investors not to be "fearful of highs". When the price of an asset breaks through and stands at its previous high, it means that the asset has released all the hold-ups, and the upward pressure on prices has been added from the past hold-ups. The profit margin has become a pure profit margin. If the price can fully change hands near the previous high, it is considered that most of the position costs are the previous high price, which creates enough room for asset prices to rise. Let’s recall that after Bitcoin broke through the previous high, it rose 100% to reach the $40,000 mark. We can expect the same market to happen to Ethereum.
Under the premise of bitcoin stagflation, the Ethereum-to-bitcoin trading pair has broken through the long-term LOG pressure line, and it is expected that the market will accelerate and hit a new high.
In terms of Bitcoin, although Bitcoin fell below multiple rising support lines, it generally did not hit a new low, forming a triangular wedge shape on a technical level. In terms of time, Bitcoin must make a choice on the direction on January 24. At that time, if Bitcoin breaks down, it will return to the $30,000 mark. If the $30,000 mark fails, the target will be directed at the 21-week EMA. If Bitcoin breaks up, it is expected that Bitcoin will resume its upward trend.
