Technical Analysis
Good Morning!
Do we see an "alt-season" yet? Some of the DeFi blue-chips started to move and so did ETHBTC.
Ethereum / Bitcoin ETHBTC (4h)
The cross started to bounce off the lower end of the downward moving channel. At the same time, the price pushed above the base line (blue line) and stayed there for the entire mini rally. The mini rally pushed us nicely into the Ichimoku cloud, and with today’s last 4h candle push we seemed to go through it. In addition, the cloud turned bullish a few days ago. It is still too early to tell since we have seen the cloud flip-flop a bit over the past few weeks.
Compound COMP (4h)
A bit of macro market colour first. Compound announced a partnership with Circle (USDC) to provide deposit yields in their Compound Treasury solution. This headline sparked a pretty decent rally of over 100% in just two weeks. It is one of the few coins that is “only” about 40% away from ATH.
So far, the rally looks decent with good volumes accompanying the pick up in prices. In the current structure I would accept a pullback towards 425 USD and still be bullish on it.
Aave AAVE (4h)
Very similar macro setup and almost the same chart setup as COMP. AAVE started their AAVE-Pro project, which is tackling a similar business sector to Compound Treasury – the regulated capital wanting to get into DeFi (or at least profit from the high yields in it). AAVE is still a little behind COMP with roughly 50% away from ATH. My guess is prices will pause somewhere in the region of 370 USD, which is a larger liquidity pool.
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