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Ethereum Looking Stronger Than Bitcoin As ETH Holds Crucial Support: Crypto Analyst - The Daily Hodl

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The Daily HODL

Thu, Nov 25, 2021

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In the latest TechnicalRoundup newsletter, pseudonymous analyst Cred says that Bitcoin closed the week without a clear signal about where BTC’s price is headed.

For us, this is best defined by the pre-breakout cluster (currently resistance) at $4,480-$4,610.” Cred offers a word of caution to investors eager to take advantage of BTC’s price cooling off relative to the rest of the crypto market.

“The elephant in the room is that historically, Ethereum and altcoins showing significant strength while Bitcoin/dollar is on the precipice of a nuke, happens close to cycle tops.” At time of writing, BTC is trading at $57,389, while ETH is priced at $4,275.

The analyst next looks closely at two leading smart contract platforms, Solana (SOL) and Avalanche (AVAX), as part of what he calls “L1 season,” as opposed to the general “alt season” that crypto investors are familiar with.

As argued previously, the best environment for altcoins would take the form of Bitcoin/dollar chop in the weekly range ($55,800-$60,000).

Ethereum would likely continue to outperform as long as Bitcoin/dollar doesn’t accelerate to the downside, and Ethereum strength is to the benefit of the aforementioned L1s.” Cred thinks SOL , which is currently trading for $205.49, is “above trend support.” The analyst notes that Avalanche looks strong due to the lack of “high time frame pullbacks.” AVAX is priced at $115.59 at time of writing.

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