Ethereum set to gain in relative strength & should join Bitcoin in exceeding Sept highs
Key Takeaways
- Ethereum looks to be starting to gain on Bitcoin after a near one-month period of underperformance throughout September
- Breakout in ETHUSD “Market-cap Dominance trends should help Ethereum to gain ground in relative strength and break out of highs just over 4000 from September
- Both ETHUSD and BTCUSD should gain further strength in the weeks ahead, and technically it looks right to own both near-term
Thursday’s push in ETHUSD to new multi-week highs exceeds the peaks of recent consolidation since last week, arguing for an immediate retest of September peaks at 4027.
Ethereum showing evidence of starting to gain ground in Market cap given the breakout in its Market-cap Dominance chart (Below)
Following Bitcoin’s peak in April 2021, ETHUSD pushed higher into May before its own 2021 peak this year. The last five months have been marked by consolidation in this trend, but the relative breakout in Ethereum’s Market—Cap Dominance chart can allow for some upward acceleration, given that this had been trending lower since early September.
A breakout above 4027 in ETHUSD should not face much resistance at 4410, but likely surpass this and rally to targets near 4951, or targets above lie near 5826.
The stru...Reports you haven't read
BITCOIN (BTC -1.54% ) “CRYPTO-WINTER” LOOKS TO BE OVER. A BULLISH 2024 LOOKS LIKELY TECHNICALLY FOLLOWING A 1Q CONSOLIDATION. Bitcoin looks to be giving off strong signals that the crypto-winter that has kept most coins in bear markets over the last couple years has finally run its course. The act of having taken the lead ahead of many cryptocurrencies in finally surpassing the 50% retracement area of its entire decline from 2021...
Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in SPX, but also successfully exceeded 3-4 month downtrends for SPX and DJIA. Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume. Hourly charts show this breakout above the two former peaks...
The SPX showed just minor downside follow-through after Tuesday’s reversal but might not immediately weaken down to prior lows ahead of the US July 4th holiday. As mentioned, prices reversed on cue Tuesday due to a combination of Elliott-wave analysis with Gann analysis which provided price and time targets based on the prior June 16th bottom. I expect that the next couple days might show prices attempting to stabilize and...
Cryptocurrency rally looks to have temporarily stalled out after a sharp three-week rally. Ethereum has stalled out in its relative performance vs Bitcoin, and for now, Bitcoin is an outperformer over Ethereum and should be favored. Weekly momentum remains negative and Cycle composites start to turn lower in early March into April/May, so given low retail interest and not many inflows, this could limit the larger rally continuing to all-time highs...
Articles Read 1/1
🎁 Unlock 1 extra article by joining our Community!
You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.
Already have an account? Sign In 317d40-6feafd-b795a9-db6ccd-fc0f0f
Already have an account? Sign In 317d40-6feafd-b795a9-db6ccd-fc0f0f
