Ethereum Gets Comfortable over $500 as Altcoins Move
Ethereum had a bullish weekend. It pushed above the previous 2020 high of $489 on Friday morning and quickly proceeded above $500. It held its ground above that level and has continued upward through today.
This is important because there’s no obvious resistance on ETHUSD before the May 2018 high of $832. That’s about 40 percent away. Meanwhile, Bitcoin is near but under its December 2017 record peak. This creates the potential for BTCUSD to drift as money shifts into altcoins.
Speaking of altcoins, this weekly chart of Bitcoin dominance shows not only a downward trendline in place over the last 14 months. It also shows an overbought condition on stochastics and a large bearish outside candlestick last week. If the trend continues downward, it would mean money is shifting from BTCUSD toward altcoins. And, of course, ETHUSD is the biggest altcoin.
Finally, remember that the deadline for the Ethereum Deposit Contract is early tomorrow. This is a key first step toward launching the blockchain’s major upgrade. It may provide a potential catalyst for prices – especially if the needed Ether is deposited on time.
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This is important because there’s no obvious resistance on ETHUSD before the May 2018 high of $832. That’s about 40 percent away. Meanwhile, Bitcoin is near but under its December 2017 record peak. This creates the potential for BTCUSD to drift as money shifts into altcoins.
Speaking of altcoins, this weekly chart of Bitcoin dominance shows not only a downward trendline in place over the last 14 months. It also shows an overbought condition on stochastics and a large bearish outside candlestick last week. If the trend continues downward, it would mean money is shifting from BTCUSD toward altcoins. And, of course, ETHUSD is the biggest altcoin.
Finally, remember that the deadline for the Ethereum Deposit Contract is early tomorrow. This is a key first step toward launching the blockchain’s major upgrade. It may provide a potential catalyst for prices – especially if the needed Ether is deposited on time.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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