For some of the same reasons outlined below, I believe $CRV (along with $XRP) will soon begin to outperform against $ETH.
1. CRV/USD is retesting HTF monthly demand after a breakout from a nearly 12 month consolidation structure.
2. CRV/ETH has retraced most of the prior move and is back at the origin of the initial breakout. Expecting a reversal in either the orange or green zones which we are just now testing.
3. As mentioned in the prior post when discussing XRP vs ETH, ETH/USD has likely completed a 5 wave impulse off the lows and is now at prior ATH, a point at which most other majors have stalled/consolidated/corrected before continuing expansion upwards.
Conclusion: With $CRV at HTF demand on the USD pairing after a year of reduced volatility, ETH/USD at HTF resistance after completing a 5 wave move off of it's lows, and CRV/ETH at a logical area of demand/support, it makes sense to expect a period of outperformance on $CRV vs $ETH.
Chart 1: XRP/ETH has hit my downside area of interest (also midrange) after a 3 month correction that followed a 700% rally off of range lows.
Chart 2: XRP/USD is now in its 9th month of consolidation above the highest monthly close in its history.
Chart 3: ETH/USD is approaching prior ATH after completing a clean 5 wave move off of $2100 and is likely due for some consolidation as it corrects this completed impulse.
Conclusion:
When you put all this together, it suggests we are getting closer to the next period of outperformance on $XRP against $ETH.
Both $BTC and $XRP spent months consolidating at prior ATH before continuing their expansion- this makes sense because prior ATH after a severe bear market is a logical place for holders to start locking in some gains. Meanwhile, $ETH is now approaching it's own prior ATH for the first time, and that too after completing a clean 5 wave impulse. It is logical to assume then, that it may take some time around these levels to consolidate and "digest" the move before continued expansion. Meanwhile, $XRP is wrapping up it's 9th month of consolidation at prior ATH and is likely gearing up for it's next leg sooner rather than later. The confluence of the XRP/ETH chart at support/midrange add's to the idea that $XRP may be gearing up for its next impulse while $ETH may be cooling off from it's last.
It's almost time to zerp it. $XRP
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