Ethereum (ETHUSD)

[ap17]

EMERGENCY MARKET UPDATE 🚨
Bitcoin & Ethereum have been consolidating for the last 4 months.

But this is when things get nuts…

That’s the latest from Crypto Nutshell’s very own Jamin Currie.

Jamin Currie
In our latest YouTube video (you should really subscribe if you haven’t already…) Jamin broke down exactly what’s going on with the market right now.

And why you should be bullish for the rest of August…

First things first, Jamin broke down recent price action.

We’ve been chopping around the $60,000 to $70,000 price range for what feels like an eternity. 😴

But if we take a look back to the launch of the Bitcoin ETFs something very interesting happened.

Bitcoin initially crashed 20% before rallying over 90% in the following two months.

Bitcoin
Bitcoin price movement

Jamin explains:

“The market has been digesting this move. 90% in under two months is huge and of course it’s going to take some time, there will always be some sellers at new all-time highs. Prices can’t go parabolically upwards forever.”


Jamin Currie
And Ethereum’s price action has been extremely similar.

ETH rallied heavily and since then has been trading within the $3,000 to $4,000 range.

Ethereum
Ethereum price movement

The purple marker on the chart above indicates the launch of the Ethereum ETFs.

And so far, that has also been playing out extremely similar to Bitcoin.

Since the launch, Ethereum has dipped by 18%.

Is history repeating itself?

Possibly…

Here’s what Jamin has to say on recent price movements:

“The current crash is nothing out of the ordinary. It’s nothing to panic about. In both of the charts, it’s moving up and down consolidating between $3,000 and $4,000 for ETH and $60,000 and $70,000 for BTC.”


Jamin Currie
But, what’s been keeping Bitcoin in this range?

US unemployment numbers coming in higher than expected - recession looming

The Fed has left interest rates steady - rate cuts are likely coming in September

Mt. Gox began distributing coins back to creditors in July (~$9 billion worth of BTC)

German government sold off ~50,000 BTC

Miner Capitulation - Inefficient miners closing down operations and selling Bitcoin

US election - markets hate uncertainty, and this uncertainty has extended to crypto regulations

So as you can see there’s been quite a lot of bearish events holding Bitcoin and crypto back recently.

But there’s some good news here…

Mt. Gox is roughly 80% through it’s distribution process and Germany has completely sold off all of its Bitcoin.

And according to on-chain analyst Willy Woo, Miner capitulation is now over!

Plus the Fed is likely to begin rate cuts in September of this year (we broke this down in yesterday’s newsletter).

So that’s a summary of current market conditions.

And to find out why Jamin is bullish for the rest of August you’ll need to watch the full video… (sorry, we had to do it)

Trust us, it’s worth it.