#Ethereum against BTC bottomed exactly at the same level as previous cycle.
Right now, it’s around the exact support from where it pumped 170% in just 7 weeks, printing seven weekly green candles in a row, followed by a slow distribution phase.
You know what's coming .
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During these market conditions, I'm looking for assets that bounce back the strongest.
The $SUI ecosystem is one of them.
Since the bottom:
- SUI +36%
- $WAL +29%
Additionally, @WalrusProtocol has now been listed on Kraken in the US and Canada, allowing a new group of investors to allocate funds towards this ecosystem.
On top of that, the SEC has approved the first-ever 2x leveraged $SUI ETF, live on Nasdaq.
Great progress, and I think the trend is currently shifting into upward momentum for the markets.
A strong bounce back, and now ready to look for a new higher low after the liquidity sweep earlier in December.
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$SUI pumped +37% and gained key ~$1,58 resistance.
As Bitcoin bounced, some altcoins broke their daily downtrend. SUI is one of them.
SUI reclaimed $1,58 daily resistance, triggering fresh trade scenarios.
There are 3 long scenarios I'm looking at here.
It's currently trying to flip ~$1,66 resistance into support, looking locally for longs after reversals with the ~$1,90 FVG as final target.
The 2nd scenario is a deeper retest of the $1,66 support box, and longing the reversal after.
The 3rd scenario is a sweep into the ~$1,60 support box, and longs after the reversal.
Losing $1,58 triggers shorts all the way to the ~$1,39 start impulse.
Nice to see some alts catching volume.
This is a good start for $ETH.
I would suggest that we'll need more strength in the coming weeks, although higher timeframe support holds ,and that's the first step.
I think that $ETH will be outperforming Bitcoin in the coming period and that the entire Ethereum ecosystem will thrive.