Selling in August would be a big mistake, says a netizen. A crypto netizen who goes by the pseudonym, VirtualBacon, tweeted, “Markets look shaky. [Fear, Uncertainty, and Doubt] FUD is everywhere. But if you sell now, you could miss the best setup of the year.” Although the tariff headlines, weak job data, liquidity dip, and ETF outflows were commonly seen as the factors that could disrupt the market, nothing of this sort could alter the bigger picture, which is gearing up for a Q4 storm, stated VirtualBacon.
Highlighting the recent weak jobs report, the netizen stated that the weak numbers will boost the odds of Fed cuts. “May & June job growth was revised down by 258K. That’s massive.
Markets went from 39% to 86% odds of a September rate cut. Easing is back on the table.”
Meanwhile, the Fear and Greed Index currently denotes that the market sentiment is neutral, after being in a state of greed for some time. On the weekly chart, Bitcoin is well below the opening market price of $118K. It is plodding along $114K, as it tries to test the local resistance level at $114.6K after being rejected multiple times. The selling pressure is getting out of hand.
It’s not just Bitcoin that is facing the grunt of the market, but Ethereum is facing the music too. From a weekly opening market price of $3.8K, ETH has been falling, and it fell below $3.4K on August 3; nonetheless, it is recovering well, as it trades at $3.6K. However, the selling pressure on the market is as large as life.
Ethereum dominance moves higher after hitting floor level
ETH dominance is the percentage of the total cryptocurrency market capitalization represented by Ethereum. It reflects how much market share Ethereum holds compared to all other cryptocurrencies combined. A rising ETH dominance usually indicates that Ethereum is outperforming other altcoins or attracting more capital, while a falling ETH dominance suggests that investors are shifting funds into other coins, often signaling an altcoin season.
Ethereum dominance has begun to climb after bottoming out at 7.38%. The metric is now forming a bullish structure, with higher highs and higher lows suggesting upward momentum. If this trend continues, the next key resistance level for Ethereum dominance sits around 13%. A breakout above that could open the path toward the 20% mark, mirroring the rally pattern seen during 2020–2021.
