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Chart of the Day
The crypto market saw capital rotation into tokens that have been underperforming over the past months. Basking in the spotlight is ETH, which appears to be on its way back to the $4k handle. If it maintains the current pace, this could very well be the final sprint towards an explosive upside movement. Similar bullish signals are observed in the price action of the ETH/BTC pair. After days of hovering near the lower bound of the 0.06 to 0.08 range, ETH rebounded swiftly to 0.066, with daily RSI recovering from the oversold territory. Meanwhile, the price of BTC surged after a flat day of range trading to the $60k psychological barrier. According to people familiar with the matter, the U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. Bitcoin futures Exchange-Traded Fund (ETF) to begin trading. What a watershed moment for the industry, and what bullish momentum it could bring to the crypto markets. Just take a moment and let that sink in.