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November 4, 2021

​​$BTC 24 Hour High $63,546.46
$BTC 24 Hour Low $61,587.20
$BTC +0.1% past 24 hours; +7.5% past 7 days

$ETH’s price discovery continues, will we see a blow-off top?

Good morning. $BTC didn’t spend much time above the 60-63K trading channel and is slowly grinding lower. It’s important to keep an eye on the RSI to determine $BTC’s trajectory over the next few days. If $BTC moves lower, we see strong support at $58K, followed by a critical support level at $52.95K. Conversely, for $BTC to resume price discovery, $64.5K will be the final hurdle for it to overcome.

After reaching a new ATH twice in a week, $ETH successfully tested the support at $4,440. We are now in price discovery mode towards the psychologically important level of $5,000. With RSI starting to rise to 70, $ETH has managed to maintain this relatively high value without blowing off the top. Funding rates averaged around 0.03%, slightly higher than the “normal” rates of 0.01%. Can $ETH shoot up to $5,700-5,800 in the next few weeks as the bulls are anticipating?

CME announced yesterday that it would list micro ETH futures on December 6. This potentially opens the floodgates for smaller retail investors to partake in the meteoric rise of $ETH, which has recently traded its ATH near $4.6K. The micro futures will allow pricing of 10% of one $ETH, and this augments the original CME ETH futures launched in February, which gave investors access to $ETH but with a formidable price hurdle of 50 $ETH per contract.


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OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.


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