- ETH/USD not managing to emulate Bitcoin, stopped in the upper range of the channel
- Technical outlook showing upside bias inside rising channel, awaiting a breakout
Ethereum price has seen strong bullish action for the recent days, with Ethereum now trading in the upper side of the bullish channel where the second most-traded cryptocurrency has been operating since mid-October. All-time highs were set at $547,58 and look difficult to be overcome right now.
ETH/USD current technical setup not showing any hints for a potential breakout of the current bullish channel. The possibility of an upwards acceleration looks meager right now. Actually, Ethereum is trading in a potentially profitable area for sellers, something that would be possible if ETH markets had already initiated negotiating futures contracts, as Bitcoin just did.
ETH/USD 4H chart
-636486703119390058.png)
Ethereum’s 4-hour chart shows the current developments in its indicators:
- MACD is accompanying the bullish move coming from 0. The outlook is wide open right now, but a new bullish impulse should be big or it will leave significant divergence.
- Directional Movement Index is looking favorable to higher price zones in the short term, with sell orders at minimums. The ADX barely shows any directional strength, so that should be the indicator to watch if you are looking for more upside.
Ethereum price has risen up to 78% since mid-September, but it is not getting big headlines nor getting any high praise. Actually, that big rise is paltry compared to the Bitcoin incredible surge.
Let’s take a look at how ETH/USD, BTC/USD and XRP/USD have been trading for the last months in the following comparison chart.
ETH/USD vs BTC/USD vs XRP/USD
-636486703463018113.png)
Bitcoin is the star of the show. The main cryptocurrency is the entrance door to the crypto investing world, which makes it much easier for BTC to attract fresh money. We can see how Ethereum and Ripple have a very similar profile. Both had been following Bitcoin’s moves until early October, when BTC got some steam and started its big bullish jump, getting a lot of separation from the other cryptos.
It’s easy to lose perspective when analyzing Cryptocurrencies if we think that since early September, Bitcoin has traded up 290%, Ethereum has risen 78% and Ripple “just” 18%. Any of these yields are impressive in such a short period, but evidently, any move looks paltry when compared to Bitcoin’s.
That said, it’s important to take a look at how BTC/USD is on a more advanced stage of its movement, with Ethereum now trading at highs and Ripple trying to regain steam.
At this point, discovering if any under-the-radar cryptocurrency will make a move similar to Bitcoin’s recent one can provide big benefits. If you can find on your broker or exchanger the possibility to conduct spread strategies, that can might be a pretty profitable move too.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
GBP/USD rises above 1.3300 after UK Retail Sales data
GBP/USD trades with a positive bias for the third straight day on Friday and hovers above the 1.3300 mark in the European morning on Friday. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, supporting Pound Sterling.
USD/JPY recovers to 143.00 area during BoJ Governor Ueda's presser
USD/JPY stages a recovery toward 143.00 in the European morning following the initial pullback seen after the BoJ's decision to maintain status quo. In the post-meeting press conference, Governor Ueda reiterated that they will adjust the degree of easing if needed.
Gold price advances further beyond $2,600 mark, fresh record high
Gold price (XAU/USD) gains positive traction for the second successive day on Friday and advances to a fresh record high, beyond the $2,600 mark during the early European session.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.