#ETHStandsAbove1900

Ethereum, in particular, seems to be re-accelerating on renewed bullish sentiment as it closes above the $1.900 level for the first time in several weeks. Whereas Bitcoin appears to be trading in a relatively neutral range, theETH/BTC ratio also shows an increase in some flow from BTC to ETH. This increase seems to have been driven by reduced risk concerns after relatively subdued inflation data that could suggest an end to further Fed hikes in addition to the renewed optimism around potential spot Ethereum ETFs in the US market.

When macro factors and good news coalesce like this, it’s not uncommon to see sharp price moves across assets and this seems to be no exception with ethereum. On the chart, $1,950 is the level to watch as resistance. A close above $1,950 could add to the optimistic tone, whereas a failure there could see ethereum consolidate in a range again. I am looking at trade volume closely in the region around $1,950, and ideally want to see a spike in buy-side volume to confirm the conviction behind any potential move.

I will also be keeping a close eye on the ETH/BTC ratio. A continued ascent in the ETH/BTC ratio may mean thatethereum starts to outperforms Bitcoin in relative terms and potentially lead into another run up across the altcoin markets. This is not necessarily guaranteed an altcoin rally is pending, but it’s something I’m watching with interest.

While keeping an optimistic approach to the crypto market, I don’t get overexcited as conditions change quickly on macro data and regulatory updates – I remain focused on risk management. But for now, it looks likeethereum is gaining momentum, the next few days or weeks will tell us if this is just a short-term bounce or the prelude to a more sustained rally. What do you think - willethereum trade over $1,950 this week and push higher, or will it consolidate below that resistance before the next upswing? #Ethereum #GateSquare