Ethereum Breaks Downward Trend; Altcoins Run Wild!

• The US unemployment figure is expected to rise which could lead the economy into recession.
• Bitcoin has entered a sideways range and Ethereum is on its way to break higher.
• Many altcoins are running strongly, including Arbitrum, Injective Protocol, Ocean and Lido.

US Unemployment Figure Expected to Rise

Despite Federal Reserve Chairman Jerome Powell intimating that he is ok with the economy going into recession and “things breaking” as long as inflation can be beaten, it does look as if the US is entering a risk off period for quite some time. One of the main figures that the Fed looks at before deciding whether the economy needs yet another interest rate hike is the jobless count. The forecast here is for a rise to 3.5% from the previous figure of 3.4%.

Bitcoin Wakes Up Positive

Bitcoin woke up this morning in a positive mood and is moving higher again in its sideways range from around $25,800 to $27,670. Current price is at just over $27,000.

Ethereum To Steal The Show

Ethereum looks as though it is making its move in order to steal the show from bitcoin. Ethereum has broken the downwards trendline with bitcoin that has been in force since early January this year. Ethereum dominance has also broken higher and has returned to levels seen in early January, but far more importantly these are the same levels from May 21st and even as far back as September 17th. A solid and continuous accumulation above this level can potentially see ethereum on route to a flippening of bitcoin.

Altcoins Running Strongly

Many of the altcoins are running strongly right now; Arbitrum (an ethereum layer 2 solution) is up around 8%, Injective Protocol (a blockchain protocol) up 10%, Ocean (AI-related) up 27%, and Lido (liquid staking token) up 7%.


This article should not be taken as legal or financial advice; it should only be used for informational purposes only