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BTC’s failure to extend gains after reaching $41,000 have resulted in a downside correction. After dropping below the $40,000 pivot level, a local low was formed at around $37,400. BTC has struggled to stay above a key bullish trend line with support near $38,500. MACD trend line indicates that there is a short-term bearish momentum lurking. However, the Awesome Oscillator (AO) is converging to the zero-line, indicating that if BTC manages to establish a concrete support at around $39,000, it may charge forth to test the next resistance.
Talk about a Déjà vu moment. The lead up to CME’s launch of Ether futures stirred up some old (and heart-wrenching) memories of yesteryear. The price of ETH went all-out TGIF last week, hitting a new all-time high above $1,700, before taking a breather in the days that followed. Back in 2017, BTC’s rapid run-up and subsequent fall surrounding the launch of CME’s BTC futures was, alas, hardly a coincidence — similar stage, different coins. Will Ether step out of BTC’s towering shadow with the coming CME launch? Looking at the fundamentals, we would like to give a cautious nod.
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