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Macro to crypto 2/3 - ETH & BTC

1/3 Macro 2/3 ETH&BTC 3/3 Dominance & Liq Maps

In the crypto market, the rejection of the Ethereum ETF had a significant impact on the asset's price. According to the CFTC, Ethereum is considered a commodity, while the SEC, although not officially declared, is expected to view it as a security, following the Howey Test. It's worth noting that Ethereum could be interpreted as a commodity because it's mined with hardware (GPUs). However, the network also had pre-mined coins under the custody of the Ethereum Foundation, which, according to rumors, is under investigation by some regulatory body—possibly the SEC?

ETH Graphically

Had a roughly 25% drop in ETH over 9 days, between March 11th and March 20th, holding around the psychological value of $3,000.

What about Bitcoin?

As for technical analysis, the BTC chart follows what has been previously discussed, with supports now at the ATH, at $67,000, which has proven to be an area of extreme importance in the asset's price.

Breaking above $69,000 again, what has changed? Now, we have an unconfirmed bullish pivot on the weekly, which will be confirmed on Sunday, March 31st at 9:00 PM, along with the Monthly close.

Based on the weekly chart, if it closes above $69,000, we will have new targets to be sought at $75,500, $84,300, and $91,600. Along with this, Bitcoin will have six consecutive months of gains, and in the worst-case global scenario, support will be strongest between $52,000 and $47,000. It's important to remember that Bitcoin's fundamentals remain intact, as discussed in previous analyses, and retracements can be seen as positive.

Also, it's worth noting that after confirmed breakouts of previous historical highs, especially for the third time, this is typically where a new cycle tends to begin. 📉📈💰 Show Less


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