$BTC 24 Hour High $64,249
$BTC 24 Hour Low $60,644
$BTC +2.7% past 24 hours; +4.1% past 7 days
$ETH sets new ATH of $4.6K as rally continues
Good morning. $ETH is on a roll, skyrocketing to an ATH of $4,600. $BTC tried to move above $64K after breaking the sideways trading corridor. However, the euphoria was somewhat short-lived as prices moved down to test the $63K support area. $BTC’s funding rates across exchanges increased far too quickly. This indicates that instead of having actual demand, the market is buying the dip with leverage which is potentially dangerous. $64.5K is the next resistance area we need to reclaim. Similar price action to what we are seeing now, applied at that level, would indicate the market is ready for the next move higher.
$ETH has broken $4,600 for the first time! The 2021 trading corridor in which prices have found themselves for the majority of the year has been broken to the upside for only the second time. Expect to see a retest of $4,500, before we continue to chart higher.
Against $BTC, $ETH’s funding rates are vastly healthier. $ETH is in the sixth straight week of gains, and now breaking through the upper portion of $ETH’s logarithmic growth curves. The bulls anticipate $ETH to shoot up as the price went up quickly the last three times we visited this area. $ETH’s middle of the logarithmic channel in place since March 2020 also intersects with the top of this segment, suggesting $ETH may rally to $5,800 (by 20%) over the next 14 days?
During a recent Bloomberg interview, Ravi Menon, the head of the Monetary Authority of Singapore opined that BTC and altcoins should not be banned but embraced. He added Singapore should observe and understand blockchain to enhance its financial network while regulatory boundaries and rules will be in place to protect institutions and individuals operating within this new asset class.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.87T, +3.7% from yesterday
- $BTC is +0.5% at time of writing; 24H liquidations and funding rates: $131.2M, +0.0619% average
- $ETH is +0.5% at time of writing; 24H liquidations and funding rates: $83.35M, +0.0081% average
- Stablecoins Market Cap: USDT 52.78%; USDC 24.75%; BUSD 10.14%; DAI 4.80%
Alts and DeFi watch:
- DeFi TVL: $104.21B
- $SOL +7.1% in the last 24 hours, +9.2% in the past week
- $LTC +0.8% in the last 24 hours, +0.9% in the past week
- $UNI +1.8% in the last 24 hours, -1.9% in the past week
- $CRO +17.5% in the last 24 hours, +23.9% in the past week
More news that caught our eye:
- Australia’s largest bank is reportedly planning to add crypto support to its app
- Bitcoin Taproot is around the corner
- Cardano on the verge of making much needed comeback as ADA wallets skyrocket past 2M
- Here’s when altcoins will go on a parabolic finale
- Call of Duty esports team owner Andbox to launch NFTs that unlock perks for fans
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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