Ethereum (ETHUSD) has rallied powerfully these past 3 weeks, but could soon see a bit of healthy consolidation around the 61.% Fib retrace of the May to July slide. Significantly, although ETHUSD appears moderately likely to retest its record high sometime in the next few months, the odds of profittaking back to 3k this week is high. With ETHUSD's higher August high and low versus the July high and low, any pullback from current levels will be relatively shallow and unlikely to retest last week's low. ETHUSD's correlation to BTCUSD (on a weekly chart) began its bounce from around zero in late June, and now sits at .38, with ETHUSD outperforming BTCUSD on a percentage basis since the July low. I am short a small amount from last week in the 3080-3170 range, and am targeting 2800-3300 for August. The weeky and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains, but weighed somewhat by the overbought daily RSI and Stochastics.
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