Altcoin Watchlist #167

Hello and welcome back to the Rekt Capital Newsletter

In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Ethereum (ETH)
• PancakeSwap (CAKE)
• Stellar (XLM)
• Uniswap (UNI)
• Bittensor (TAO)
• Ondo (ONDO)

But before we dive in, this Friday I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can

So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.

I’ll chart the Altcoins that get mentioned and ‘Liked’ the most

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Let's dive in to today's Altcoin Market Update.

Ethereum - ETH/USD

Ethereum is trading inside its ~$2300 to $3000 range, but the orange region just below represents the historical demand area in and around the psychological level of $2,000.

Any volatile retesting of $2,000, $2,100, $2,200, or maybe even $1,900 would generally see price tap into that order block of historical demand.

Right now, the retest of the range floor is in progress, and it is currently successful.

Ethereum needs an October Monthly Close above this level, and if it gets one, November could be spent trying to grab the liquidity in the low $2ks.

We've seen many downside wicks into this region in the past (green circles). 

So as long as that November liquidity grab takes place via a downside wick, with price ultimately Monthly Closing above the range floor, the retest of the liquidity pool would be complete and successful.

Maintaining stability above the range floor of $2.3k (black) while wicking into the orange region would be price's way of building out a base in and around the low $2ks before rallying to the top of the range at $3k over time.

After all, every time price has dropped into the orange region, it has gone on to rally to at least $3k over time.

Around the top of the range, there's also a red Macro Downtrend which has been Monthly Closed above and retested as support in 2025.

And so a future Monthly Close above the red Downtrend followed by a retest of it into new support (light blue) is something I'll be considering once ETH gets to that juncture, especially since that key continuation retest would probably see Ethereum try for prices close to ~$4000.

However - and there always is a however - that continuation trigger really depends on the Monthly Close above the Downtrend; after all, prior to 2025, ETH rejected from this red Downtrend on 4 separate macro occasions after failing to secure such a bullish Monthly Close.

But that's a story for another day.

For the moment, it's all about the current Macro Retest of $2.3k and the orange historical demand zone beneath it.