Will Ethereum Follow Bitcoin? Let's Read The Chart...

2020年11月7日

Bitcoin took the lead and left Ethereum behind... We know that BTCUSD and ETHUSD are close buddies, they tend to move closely together.

We are now seeing Bitcoin challenging $16,000, which is something that happened only once back in December 2017.

But Ethereum didn't follow, right now ETHUSD is still trading below the Aug./Sept. 2020 peak price, yet we have some good news.

We are looking at ETHUSD on the weekly timeframe and this chart is strongly bullish now.

1) We have prices safely and strongly trading above EMA10 and all other moving average lines.

2) We have low volume as a continuation signal favoring the bulls. ETHUSD has been rising since March 2020. This market is in a bullish cycle.

3) The RSI is very, very strong reaching now 70. Since we are looking at the weekly timeframe, this signal is much stronger than when we look at the daily. 70 on the RSI can signal that a massive jump can take place anytime based on this chart setup.

4) The MACD is strong in the bullish zone and there is plenty of room available for additional growth.

5) ETHUSD remains trading above EMA10 since April 2020... This is another very strong bullish signal.

Ethereum can wake up soon and print a really strong move... In the meantime, this chart is really good and we can expect higher prices.

Conditions for change

Only if prices break and close below the EMA10 green line ($390), we would consider looking at any of the bearish scenarios... As long as ETHUSD remains above this level, we are on 100% BULL MODE.

Additional information and potential targets, as well as support levels, are marked on the chart.

Remember to hit LIKE to show your support.

Namaste.