Ethereum (ETHUSD) Halts September Slide Near Key 3K Level
Ethereum (ETHUSD) has rebounded sharply since mid last week, and appears to have halted the slide since the September peak with the current weekly candle having more than reversed last week’s losses. Significantly, ETHUSD has bounced from the 61.8% Fib retrace of the July to September rally, and is suddenly nearing the psychologically key 3500 whole figure level. The odds are now low for ETHUSD to retest triangle support (on the weekly chart) in October. ETHUSD's correlation to BTCUSD (on a weekly chart) is at 0.94, near the upper end of its 5 year range. I am long as of earlier in September in the 3340-3600 range, and am expecting a 2800-3800 range for October. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.