Why Did the Rally in Ethereum Stop? Expert Analyst Predicts the Future of Bitcoin and ETH in the Coming Days

Coinbase Institutional’s head of research David Duong noted that the recent rally in Ethereum (ETH) is based on technical factors, but investor appetite for capital allocation is still limited. “The rise of ETH last week was largely due to technical reasons. This was related to the excess of mismatched positions, short closings, and then reopening of positions. This bullish wave is actually ETH catching up with its peers like BTC and SOL,” Duong said on social media. Duong said that this recovery in ETH price does not imply a general appetite for capital allocation in the market: “Such price movements do not mean that the market is willing to allocate ETH on a large scale; demand is still limited.” Related News: Will the Next Move in Bitcoin Prices Lead to a Record or Is a Correction on the Way? Analyst Outlines Two Price Scenarios On the other hand, Duong also drew a positive picture in his comments about Bitcoin (BTC): “BTC is on the rise and its dominance can still increase.” In terms of the macroeconomic outlook, Duong said that the softening in trade relations between the US and China has increased investor sentiment in the last week. In particular, Duong stated that the US’s $600 billion trade agreement with Saudi Arabia has reinforced this optimism, and that this has pushed back expectations of a recession in the US this year. But things are more complicated on the Japanese side, Duong said, with the country’s upper house elections in July likely to harden Tokyo’s stance, despite earlier statements calling for a trade deal by June. *This is not investment advice. Continue Reading: Why Did the Rally in Ethereum Stop? Expert Analyst Predicts the Future of Bitcoin and ETH in the Coming Days

Source: BitcoinSistemi