Ethereum (ETHUSD) Consolidates After Retesting Record High
Ethereum (ETHUSD) is consolidating after surging in the past week to its record high. Significantly, ETHUSD decisively broke above triangle resistance (on the weekly chart) last week, setting the stage for the next extension of the major rally from the March 2020 low to the May 2021 peak. With ETHUSD comfortably above the psychologically key 4k whole figure level, a higher October low versus the September low is all but assured. ETHUSD's correlation to BTCUSD (on a weekly chart) is at 0.95, near the upper end of its 5 year range. I am long as of early September in the 3340-3380 range, and am expecting a 3700-4700 range for the balance of October. The weekly and daily RSI, Stochastics and MACD are rallying or consolidating recent gains, with the weekly Stochastics overbought.