Ethereum Held $4100 As Expected. Higher!
A Fed rate cut in September is now being baked into prices. #ethereum #altseason
Good Afternoon Trading Fam,
I’ve been very vocal about the Ethereum $4100 level. This level needed to be held as support for Ethereum and the altcoin market to continue its move higher. I expected it to hold. It did.
The main catalyst for this bounce, of course, was JPOW and the Fed’s dovish language during this morning’s press conference. The market interpreted this in a way that gives September rate cuts a much higher probability. This, in turn, has fueled prices as the market attempts to bake rate cuts into the equation.
Alts generally follow Ethereum. They are.
Alts generally start their run in August. They are.
Ethereum has now convincingly confirmed its move above $4100, showing us that the break is real, and it's game on for alts.
Likewise, Solana has pushed back above support and is threatening a $200 break as I type. My followers know that we watch what the broader market does first, generally, by tracking the SPY chart. We know that this then flows over to Bitcoin. It has. We then kept a close eye on Bitcoin dominance next. Any indication that dominance is getting weaker is our first signal that altseason is near. Dominance continues to tumble (below).
In conjunction with BTC dominance dropping, we should be seeing Ethereum and Solana remaining strong or even rising. We have. Lots of check marks are being checked right now, indicating we are at the cusp of some huge moves coming. Be ready. Take a look at Solana below.
Solana is next. Back above key resistance/support and threatening that all-important $205 mark. Once beaten, you will see some massive pumps begin to occur!
Traders, we’ve waited for what seems like an eternity for this moment in time. Let’s have some fun now and enjoy the season as we all start printing together.
Best,
✌️Stew