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MENAFN- Daily Forex)
Ethereum initially rallied during the session here, but continues to see questions asked of it, as the Bitcoin market isn't strong either. At this point, we could be seeing a bit of accumulation.
With that being the case, I look at this as a market that is possibly in an accumulation phase. We'll just have to see, and it will, of course, follow Bitcoin. It almost always does. We are in an area above 2,700 that I think is prime real estate for some type of consolidation, but I also recognize that there are a lot of questions about whether or not risk appetite will pick up again.
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We have seen almost a 50% drop from the highs, and every time we rally, we do see a little bit of hesitation. But again, I don't think that's the end of the world. I think what will be thought of as a symptom of risk appetite in general and, of course, the malaise around crypto.
The institutional holdings of crypto, of course, are making it a little bit different this time around because there are ETFs and holding firms that specialize in Ethereum. But really, until Bitcoin can break out, perhaps above $95,000, I don't know how Ethereum takes off without it. If we break below $2,700, then Ethereum will test $2,500, and that's a very real possibility.
Right now, I think if you're a longer-term holder, you're probably accumulating a little bit here and there, but there's no huge rush. We will have some liquidity issues over the next couple of sessions, but right now, I don't see any reason to get overly bearish. I think we're just hanging out, and the longer we just hang out, the better that actually ends up being because it builds confidence.
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