Context: BTC is in its 4th wave recovery, and may look to move down once it hits between 13.5 - 14.5 USD (have linked estimate below for BTCUSD ). Interestingly, the projected dip for BTC is estimated around 31st Jan and coincides with ETH crossing possible resistance lines at S2.
Considering previous reaction to BTC drop (shown by the long red drop), conservative estimate would be either a drop or stabilisation of ETH at S2, before either a strong move down to S3 or a slow recovery and move up to S1.
S1 shows best case scenario, with minimal effect from BTC dip.
Market Speculation: significant numbers hedged in Tether on the previous drop, but considering the current negative press around Tether, we could see people looking to hedge in ETH or other coins. This is speculatory, but could see value held in ETH which would sustain a hold at S2 or move to S1.
Opinion not advice
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