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11/06/2024 15:56:15 GMT

Ethereum dominance came into strong support

Gregor Horvat Wavetraders

If we take a look at Ethereum.dominance chart with ticker ETH.D, we can see it approaching interesting and strong support area for wave C of (Y) with equal wave length of waves A=C and (W)=(Y) that can belong to a complex (W)-(X)-(Y) corrective setback, so be aware of bounce and recovery, which can recover the Ethereum price.

ETH.D daily chart

ETHDOMd

Considering that Ethereum dominance is nearing strong support while it's finishing a complex W-X-Y correction, we should also keep an eye on the weekly ETHBTC chart, which is also trading at strong weekly trendline within a three-wave A-B-C correction that can rebound the price, where Ethereum may start outperforming Bitcoin.

ETHBTC weekly chart

ethbtcWE

Is Ethereum about to rally and to follow Bitcoin in the current bullish Crypto market?

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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