Ethereum (ETHUSD) Consolidating Near Key 4k Level
Ethereum (ETHUSD) is seeing some healthy consolidation after briefly breaking above the psychologically key 4k whole figure level Friday. Significantly, although odds are moderately high for a retest of the record high in September, the steepness of the rally extension since late July suggests a high likelihood for the mild profittaking that has just begun to last another week or so. Any pullback in September to 3.5k will likely be brief. ETHUSD's correlation to BTCUSD (on a weekly chart) is suddenly back to 0.82 and trending towards the upper end of its 5 year range. I am long as of this past week in the 3340-3500 range, targeting 3700-4000 for September. The weekly RSI, Stochastics and MACD are rallying, but weighed by the tiring daily RSI and Stochastics.