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Did the Market Overreact Last Week?

Sep 16, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

After a strong showing this week, BTC spent most of today chopping around between $47K and $48.5K. DeFi tokens continue to run with SUSHI, RUNE, SNX, and CRV leading the way.

ETH/BTC Doesn’t Falter

Despite poor market conditions last week, ETH/BTC is still above its latest trend line break. Price was consolidating within a channel before breaking out. And after breaking through, price came back to re-test the upper trend line — typically a sign of continued strength. The market seems unsure about which sector/asset to rotate into during this stage of the cycle. BTC is showing signs of life, but the rest of the market isn’t lagging either. For ETH/BTC to continue moving up alongside BTC, ETH will have to outperform BTC — which isn’t unrealistic during late-stage bull markets.

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