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Blocksmith Says: ETH’s Rally is Short Lived

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The key drivers we typically look at for a crypto read across, Nasdaq futures and Gold, are both heavy and grinding lower – that’s the backdrop. And the assessment remains that Ethereum is headed down to a mid-November low driven by the down swing of the current 20-week cycle which kicked off mid-June.

I think we just had a rally at the mid-point of the 20-week cycle (the 80 day) and this cycle appears to have topped very early on 13 September. This is bearish. The view is that there should be short sharp tradeable rallies for the next month and a half, but you will need to be nimble and have tight stops, but the overall tenor is down.