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.
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