- Ethereum now eyes $5k after breaking above the October ATH.
- Primary bullish channels proceed to carry.
The cryptocurrency market continues to edge increased and the outlook for the short- to medium-term stays optimistic regardless of the markets’ more and more lofty ranges. I wrote on the weekend that the Ethereum set-up stays optimistic into the year-end and right now’s new excessive underscores this.
Ethereum (ETH/USD) is main the cryptocurrency market increased right now and has simply posted a contemporary new excessive as patrons stay in charge of the market. The each day chart reveals a fundamental bullish channel that has been in charge of value motion since late September. The steepness of the channel will ultimately show tough for Ethereum to stay above, however whereas ETH trades both facet of assist, increased costs shall be seen. All three easy transferring averages stay in a bullish formation, whereas the CCI indicator reveals Ethereum as overbought, however not excessively so. Preliminary short-term assist between $4,146 and $4,166.
Ethereum (ETH/USD) Day by day Value Chart – November 2, 2021
Whereas Ethereum is testing new floor, Bitcoin continues to be round 5% beneath its latest excessive. The Ethereum outperformance has additionally aided the remainder of the alt-coin market with single-digit proportion positive factors seen right now. The chart beneath reveals a fundamental alt-coin market valuation which once more is transferring ever increased within a bullish channel set-up, with increased highs and better lows being made regularly.
Crypto Whole Market Cap Minus Bitcoin – November 2, 2021
What’s your view on Ethereum (ETH) – bullish or bearish?? You possibly can tell us by way of the shape on the finish of this piece or you possibly can contact the creator by way of Twitter @nickcawley1.