Ethereum (ETHUSD) Retraces Half of July-September Rally
Ethereum (ETHUSD) has slid sharply since the September peak and appears at high risk of extending the downturn going into month end. Significantly, ETHUSD is retesting the 50% Fib retrace of the July to September rally, and has fallen back below the psychologically key 3k whole figure level. Bulls should be prepared for a moderately high probability of ETHUSD swinging back to triangle support (on the weekly chart) in the next month or so. 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 3340-3400 range, and am expecting a 2200-3000 range for October. The weekly RSI, Stochastics and MACD are tiring, or steadily sloping down.