ETH breaks to all time highs as bitcoin pauses

Last week, BTC continued to consolidate around 60-62k. I had flagged the large October options expiry which would likely make it hard for us to break much higher and we settled at around 60,500. After the weekend with a bit of chop we seem to have broken bit higher, especially in ETH which is above 4400.

The ETH/BTC cross has clearly broken the downtrend of last month and now looks to be on the way to initial target of 0.08, which if broken could propel it much higher.

Some fuel for the ETH bulls, burn rate post EIP-1559 has now taken net issuance negative for the first time.

Goldmans put out an 8000 price target for year-end saying that the correlation between ETH and 2Y forward inflation swaps suggests that we could see a melt up if inflation expectations remain high. Personally, I’m not so sure correlation means causation, but factors such as optimism around ETH 2.0, technical breakout and the potential for an ETH ETF could certainly fuel the year-end rally.

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Filmed on on Tuesday 2nd November 2021.


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