Ethereum (ETHUSD) Retesting Weekly Chart Triangle Resistance
Ethereum (ETHUSD) surged in the past week, and is suddenly within a week’s volatility of testing the September and 2021 high. Significantly, the much higher September low versus the July low dramatically increases the odds of a decisive break above triangle resistance (on the weekly chart) this week. With what appears to be an imminent break 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 0.94, near the upper end of its 5 year range. I am long as of earlier in September in the 3340-3800 range, and am expecting a 3700-4500 range for the balance of October. The weekly and daily RSI, Stochastics and MACD are rallying or consolidating recent gains, with the daily Stochastics overbought.