Ethereum recent outperformance vs Bitcoin can persist after breakout above Sept highs

Nov 3, 2021 • 3 Min Read

Key Takeaways

  • Ethereum remains a near—term outperformer to Bitcoin over last two weeks, and this looks to last a bit longer after its breakout above Sept highs
  • Solana remains quite bullish after its recent surge, but yet stretched

Bitcoin Technicals - Yesterday’s breakout to new weekly highs following the minor three-day consolidation should be bullish to driving BTCUSD back to test October peaks near 67k. Pullbacks likely find support near 61,800-62,315 with only a break under 60,355 changing the near—term trend and postponing further gains. Daily RSI remains in neutral territory after recent consolidation since late October and weekly trends and momentum remain bullish.

The video in this report is only accessible to members

Ethereum still should rally higher up to 4951 with little to no resistance.

Ethereum has led Bitcoin in relative strength over the last two weeks, following its push back to new all-time high territory. Prices have managed to churn higher without becoming noticeably overbought on most momentum gauges.

While weekly and monthly momentum, as per RSI, do show overbought conditions, this won’t be a big deal until near-term Technicals begin to show evidence of upside exhaustion and or a more serious reversal.

Near-term targets for ETHUSD lie near 49...

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Reports you may have missed

BITCOIN (BTC) “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 -0.73% .  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...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

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