ETHEREUM UPTREND UPDATE (ETH Update)

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[00:00:53]Welcome back to Solace Crypto. Hope you're doing great, and welcome to your daily update here on Ethereum. We're back again. We're going to do a full update on the current situation for Ethereum. We hit that equal high right here at 1950. That was our first target, but yesterday I also told you, "Okay, I think that there's so much strength. I'm I'm I'm paraphrasing right now. I think there's so much strength. I can I think we can rally into 2025."

[00:01:17]Now, we are starting to see some cracks when it comes to the fundamentals and the order flow.

[00:01:23]So, I just kind of wanted to update you on whether I still expect that, which the short answer is yes, but there are some some other things that I do think you need to be aware of.

[00:01:31]So, so that's what we'll talk about. So, let's get right into it. Ethereum has been relatively strong, of course, in the last couple of weeks, which is great to see in this point of time that is still continuing. We had a bit of a bit of a pullback right here for for ETH/BTC. Right? So, so that is ultimately our best measure to actually see whether Ethereum actually is still strong versus the market.

[00:01:52]Bit of a pullback, but ultimately this is still an uptrend, and and that's also I would say the name of the game for Ethereum right now. And I think we spoke about that yesterday as well. Um the thing is is that Ethereum on its own has a bullish structure. Not only can you see that that we are just in in an uptrend for now. You could make an argument on the higher time frames that it's a it's it's a bearish flag. It's a possibility, but a bearish flag usually doesn't come from a consolidation.

[00:02:19]Right? A bearish flag usually happens within a downtrend. And you can see right here that we first formed a bottom right here at 1550 and then we started making higher lows and higher highs.

[00:02:29]It's unlikely that this is a a a bearish flag. I mean, it's it's still a possibility. It's good to be cautious about that, but I I'd say that's unlikely.

[00:02:37]>> [snorts] >> Um so then we're just trending up. So the structure itself for Ethereum is bullish. And then ETH/BTC, basically the same thing. Very strong bottoming confirmations right here early June, consolidation, and now a rally into the upside. So Ethereum on its own is trending up Ethereum versus the market is trending up as well. And I I I don't see any reason. That basically is is the key thesis that I have right now. I don't really see any reason for for why that would stop. Um like I said, I mean, we we do see some signs here short-term that we can see a pullback and I do think you need to be aware of that. Um so those signs are are the following. We have a bearish divergence here, right?

[00:03:17]Between the the last time we hit these highs and yesterday when when we hit these highs. We're starting to see some some cracks in the wider markets. So yes, Ethereum is still strong versus the wider markets, >> [snorts] >> but it still does matter that we have now broken down below the previous month value area high on Bitcoin. That matters. Uh and by the way, we're also seeing a bit of a bit of a push down today on equities. Matters as well. And then last but not least, we're also seeing some cracks when it comes to the order flow for Ethereum where um over the course of the Asian session so far, we have seen that the CVD moves up.

[00:03:50]Right? So we basically have longs coming in, shorts closing, and the price is pushing down. Right, so that is historically seen as passive selling. I must say that I I don't think the order flow is actually bearish, but it's not as good as it was.

[00:04:02]And the reason why I don't think it's fully bearish is because the funding rates are actually dropping down quite low instantly, which means that Ethereum is getting closer to be being oversold.

[00:04:13]So, I actually do think those those signals and those indications are strong enough to expect a bit of a pullback to get back to the 4-hour time frame.

[00:04:21]Bit of a pullback into the 7-day rolling VWAP here. Um high 1800s, mid 1800s. If we get some very bad news, I still think you need to be prepared for a double bottom at 1810 as well. So, be prepared, know that, but ultimately I think we're we're just going to find stability somewhere there, and I think it's a matter of time before we're able to rally into 2020 2025 27 to be precise, but 25. It's just a the more beautiful area into the 2000s. Um so, those are still my thoughts. I mean, when that's going to happen is a bit of a question.

[00:04:52]It could happen very very quickly. Like, we don't even need a pullback like this.

[00:04:55]We could also just do something like this, like a like like a very thin pullback, and then a continuation into that. Um I'm afraid that depends a little bit on what the wider market fundamentals do, and I'm afraid that we cannot control those or predict those since those are very reliant on news.

[00:05:14]So, I have to see. I'll keep you updated on that regardless, but that's what I think you need to know for now. So, thank you for watching everybody. Uh take care, and bye.