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.

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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...

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