Resilience in ETH/BTC, On-Chain Outlook, Edition #18 (10/12/2021)
Is an ascent higher on the cards? ⚡ Read on for this week's on-chain update for $BTC & $ETH 👇
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Uncertainty rife in the markets - Investors, Traders attempt to decipher the next step
Q remarks on yet another peculiar week in the cryptocurrency markets.
Sentiment amongst traders and investors appears mixed - with weakness in Bitcoin and strength in Ethereum adding to the market’s confusion.
Despite a sluggish Bitcoin, the ETH/BTC cross pair continues to inch higher with the ETH/USD pair sustaining a distinct uptrend on the higher time frames.
Qluster analysts observe this phenomenon on the ETH/BTC daily chart below. Specifically, technical justification is seen in the most recent and decisive breakout from the channel supply line - supportive price action then follows through with a subsequent retest of demand.
Now, let us examine the supply metrics for both Bitcoin and Ethereum.
Specifically, Qluster Data Labs attempts to determine evidence that warrants concern.
Commencing with Bitcoin…
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