I tried applying Elliot Wave again, but failed miserably. Solana (SOL) moved higher and reached 180 USD. I will leave this be for now and stick to Bitcoin (BTC) and Ethereum (ETH)…
Bitcoin BTC (4h)
The price pushed outside of the 44'000-50'000 USD range, and is currently keeping its head nicely above the base line and the cloud. It is a tough one to chart, but from what I see (in terms of market structure) it looks like healthy spot buying interest most of the time. We saw some perpetual futures funding rates spike over the weekend, but with Monday being a US bank holiday, it was almost expected. The term structure for most of the bitcoin futures looks pretty regular with 31-Dec-21 maturities trading at around 4-5% in contango. We are far away from the crazy basis we saw in April when we reached an ATH of around 63'000. There we traded way above 25% (annualised rolling 3mth basis).
Ethereum ETH (4h)
We had a nice breakout with agressive buying pressure that pushed the price roughly 20% higher in just a few days. The magical number is once again 4'000 USD. Last time in May when we pushed through the 4'000 USD level, we rolled over pretty agressively. We have a similar story here with the structure of the market. Funding rates are nowhere close to what they were in April (or May, to be exact, as ETH topped out about one month later than BTC). It is hard to say if the EIP1559 plays a role in the steady price recovery without leveraged buyers pushing the market. But currently (see bitcoin) it looks like steady spot buying is slowly but surely pushing prices above the 4'000 USD mark.
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