The price of $ETH this week will determine the fate of Altcoins.
Looking at the current Cost Basis Distribution Heatmap of $ETH, we can see that the price is in the area with the highest volume right now.
Currently, this price range is fluctuating within 2 boundaries, with the support level below at $4492 and the resistance level above at $4600.
If we want to pull the entire market up, $ETH must make a strong breakout above the $4600 price range, meaning there must be at least one H4 or D1 candle closing above this price range.
From there, this price range will become a perfect support area for $ETH to grow, as the team mentioned in the previous article.
When the US stock market opens tonight, we will wait for the price reaction of $ETH. Everyone can save this article to note the important price ranges of $ETH mentioned in the article!
On behalf of the 52Hz Database team, I wish everyone a happy and warm Mid-Autumn Festival with your loved ones ❤️🥮
$ETH is still waiting for capital to enter the bullish wave that will lead the entire Altcoin market. 🤔
Looking at the supply chart of $USDT on the #AAVE platform, we can see that the purple line ($USDT flowing into $ETH) is still decreasing despite the significant recovery in the price of $ETH. => The borrowed capital has not yet been pumped in.
This proves that the price of $ETH is only recovering in line with $BTC and has not prioritized capital flow to run its own wave.
This is also something I mentioned in yesterday's post. But we shouldn't worry too much. When $BTC shows signs of running first, the capital shift from $BTC -> $ETH will be greater than in previous phases. $ETH -> Altcoin will be similar.
Currently, the team has only recorded a relatively small amount of capital from $USDC starting to flow back into $ETH.
Let's wait for the end of this week or the beginning of next week. When the price of $BTC breaks ATH and stabilizes, then $ETH and Altcoin will begin their own wave.
Don't forget to leave a ❤️ to support the team, everyone.
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