In an X post, analyst AdrianoFeria has highlighted that Tom Lee, the co-founder of Fundstrat Global Advisors, has chosen ETH because it is the default choice for stablecoins, tokenization, and DeFi, and the very rails on which the future of finance is being built. Ethereum is the internet of finance, and Wall Street is finally waking up to the reality. 🤯
The token hit a high of $4.80, only to realize it had forgotten its gym shoes and promptly tumbled back down to $4.38. By morning, it had gathered itself and was hovering around $4.45, showing signs of a modest recovery. It’s like watching a toddler learn to walk-exciting, but expect a few faceplants. 🚶♂️
Amidst this cosmic drama, certain altcoins have seen a peculiar surge in open interest, a phenomenon that might as well be called “The Great Bet” among traders. 🎲
Now, Deaton’s got a crystal ball that’s as foggy as a Mississippi morning, but he’s betting his bottom dollar on this Bitcoin rally. Of course, he ain’t all sunshine and rainbows-he warns of a potential tumble, with Bitcoin losing its britches and dropping 30-40% from its high-falutin’ peak. If that happens, he reckons folks’ll start yapping about Strategy liquidating its BTC reserves faster than a catfish on a hook. 🌊🐟
But hey, let’s talk about the real star of this show: the magical $105K support level. 🌟 According to CryptoQuant (aka the crypto wizards), this number is more important than your ex’s birthday-which you totally forgot, by the way. 🤷♀️ Wallet cohorts are sending mixed signals, like a group chat where no one can decide on brunch plans. 🥞
It’s still up for the week, blah blah blah, strength in the trend, sure. But let’s be real. It got rejected. Politely, but firmly. Like trying to return a slightly used sweater. And now there are signs that this could get… well, it could get ugly. Pretty, pretty, pretty ugly.
Popular crypto analyst Ali Martinez believes this correction might just be the best time to buy one of the top meme coins. Notably, PENGU has been forming a bullish flag channel on the 4-hour chart since August 9, a setup that often leads to major upward moves. It’s like the meme coin is taking a power nap before a big race! 😴💨
James Butterfill, the head of research at CoinShares, says it all started with the Fed’s “more restrictive” hints. Suddenly, everyone’s running for the hills. We’re talking a $2 billion exodus in the first part of the week. Sure, there was a little bounce back, but it wasn’t enough to stop the biggest single-week withdrawal since March. 🚀💥
Let’s schmooze with the experts, shall we?
The bounce from that strong confluence support, a lovely mix of 0.618 Fibonacci, point of control, and value area low, is basically a neon sign that says, “Bullish vibes only.”