And it’s suspicious to say the least…
Inflation is still coming in too hot, especially core inflation in the US which drives the world markets. The DXY (dollar index) is still in its crazy uptrend, traditional markets haven’t really followed suit with crypto and the American FED has warned that there is a lot of pain yet to come.
To me, something stinks and I can’t see this lasting too long. The only positive news I’ve seen that could be causing this rally is rumours of China opening its borders again around Jan-March time and a lot of crypto is held there (plus the Shanghai markets have been green to a similar tune as BTC). The idea of a mid-term election rally in the US is also there I guess. But overall, I still see things trending down and possibly swooping to new lows.
With that being said, ETH is looking quite good and if it can close Sunday above $1613 at the 21wk EMA, it’s in good shape. I’m just very apprehensive about this being short lived, the global economy is still in absolute tatters and risk on assets have no business rallying just now imo.