ETH Signals a Bull Market | BTC, XRP, ETC, QTM Insights
Hello and welcome, everyone. It's Martin here with Crypto Gains. Today, I'd like to start our video with a discussion on the bull run in Ethereum, and there are a couple of undeniable signs and reasons to claim that we're in a major bull run in Ethereum.
First of all, what is interesting to observe is that researchers from Messari point out that the correlation with Bitcoin has turned negative on the daily chart, which is something quite new, potentially marking a new phase in Ethereum. In addition to that, the action on the Ethereum ecosystem is very strong, with the total volume locked in the centralised finance space exceeding $1 billion, and it's expected that just the Ethereum network alone will exceed $1 billion in total volume locked in the near term. In addition to that, some market commentators observe that whenever you hear yourself saying things like "I saw some way too early" or "I could have been a millionaire if I only invested a certain amount" indicates that we're in a very, very heated bull market. Finally, institutional acceptance is growing, giving us further hope and support for the strength of that rally.
Interestingly, we've observed some correction in Bitcoin, explaining the negative correlation between Bitcoin and Ethereum, but analysis from Glassnode indicates that, basically, it was new, fresh holders that were doing the panic selling, and long-term holders were still keeping their positions. And even though some of the addresses with a non-zero balance have fallen down, we're still observing a lot of money being withdrawn from exchanges into cold storage, giving strong support for Bitcoin and potential for future strong rally upwards. Finally, Ripple reported double the XRP sales in Q1 2021 compared to the previous quarter, suggesting upcoming strength in the XRP token price. So let's take a look at the charts and see how you can trade on these insights.
For Bitcoin, the critical pivotal point is $55,500. Above that, you can buy Bitcoin, with targets at $56,500 and then $57,600. Conversely, below $55,500, selling Bitcoin with the nearest target at $55,000.
Now let's take a look at Ethereum. Ethereum is well-supported at $3425. So this is what I'm using as my pivot point for initiating long positions. Above that level, I'm looking to buy Ethereum, with targets at $3520 and $3600. Conversely, below $3425, I'm looking to sell Ethereum, with the first target at $3370 and, then, further down to $3285. This is purely based on horizontal support and resistance lines. For the time being, I don't see us exceeding the all-time high around $3600 anytime soon.
So let's move to Ripple now. The pivotal point for Ripple is $1.563, and, above that level, we can have a very good opportunity to buy Ripple, with targets at $1.643 and $1.70. Conversely, if we break below $1.563, selling Ripple, with targets at $1.50 and $1.435.
Now let's take a look at Ethereum Classic, which has been one of the best performers of the last few days. The pivot point for Ethereum Classic sits at $130 and, above that level, I recommend buying Ethereum Classic, with targets at $140, $150 and $160. Conversely, below $130, we could see further declines, and we have very strong support at $120, which can be your Take Profit target for short positions.
And, finally, let's take a look at Quantum, another strong performer. For Quantum, the pivot point and the strong support are at $30.25. As long as we're above that level, I'm seeing good opportunities to buy Quantum, with targets at $33 and $35. Conversely, if we break below $30.25, selling Quantum, with targets at $29 and $27.50.
As always, keep learning with the video education section and the Crypto Gains market insights subsection. Remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas. Thanks for joining us today. Trade wisely and have a good weekend.