Times have changed and there seems to be a bug in the system. Ethereum is continuously outrunning Bitcoin on every pump and that has never occurred in any of the previous cycles.
Many of you already know that NFTs have played a major part in the propping up of Ethereums price and with the latest merge, ETH has now moved to a Proof Of Stake mechanism, which inevitably does manipulate the price as it takes Eth of the market and locks it up until the devs see fit for it to be released.
After Bitcoin lost a key level (18k-20k), for me the next big target (excluding bounces) was the 10k range and I do believe we will go there. When or how I have no clue but Ethereum is clearly not going to outrun on that occasion and will basically destroy all altcoins in the market. These are the key levels I am watching and have stepped away from the LTF levels as I have no interest.
The reason I think these levels will be met is purely based on the NFT market and NFT holders not even considering the possibility that NFT's are still in a bubble. It's the first cycle for NFT's and from what I've gathered they all seem very fine. That's not bearish enough for me... People are still paying $100k+ prices for NFT's thinking that those prices are a discount. I can't fathom how unsustainable this sounds.
I am always open to ideas and my opinions are far from gospel. I've been wrong many times but this one hits different.
Have a good weekend TradingView fam
Many of you already know that NFTs have played a major part in the propping up of Ethereums price and with the latest merge, ETH has now moved to a Proof Of Stake mechanism, which inevitably does manipulate the price as it takes Eth of the market and locks it up until the devs see fit for it to be released.
After Bitcoin lost a key level (18k-20k), for me the next big target (excluding bounces) was the 10k range and I do believe we will go there. When or how I have no clue but Ethereum is clearly not going to outrun on that occasion and will basically destroy all altcoins in the market. These are the key levels I am watching and have stepped away from the LTF levels as I have no interest.
The reason I think these levels will be met is purely based on the NFT market and NFT holders not even considering the possibility that NFT's are still in a bubble. It's the first cycle for NFT's and from what I've gathered they all seem very fine. That's not bearish enough for me... People are still paying $100k+ prices for NFT's thinking that those prices are a discount. I can't fathom how unsustainable this sounds.
I am always open to ideas and my opinions are far from gospel. I've been wrong many times but this one hits different.
Have a good weekend TradingView fam