Two Prime Shifts Focus to Bitcoin, Citing Ethereum Underperformance
The SEC-approved investment advisor Two Prime has terminated its association with Ethereum, citing underperformance and unpredictable market behavior. The firm will now concentrate solely on Bitcoin.
Key Points
- Two Prime characterized Ethereum's recent price movements as “memecoin-like,” leading to a loss of investor confidence.
- Ethereum's value compared to Bitcoin has dropped to a five-year low.
- On-chain data shows a significant increase in the Taker Buy/Sell Ratio on Binance, currently at 1.142, indicating strong buying interest for Bitcoin.
- Bitcoin whale cohorts are back in profit, with younger whales experiencing gains over 7% as BTC trades around $96,638.
- Technical analysis indicates bullish momentum, with the RSI near 69.5 and MACD showing a bullish crossover.
- BTC has reclaimed the 0.236 Fibonacci retracement level at $90,994, suggesting potential movement towards $100K.
- Support levels are identified at $87,863 and $85,533, while a drop below $80K could disrupt the current bullish trend.
BTC 1D Chart | Source: TradingView