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Ethereum (ETHUSD) Tries Forming 1st Red Weekly Candle in 5 Weeks

Ethereum (ETHUSD) has rallied powerfully since forming a Triple May/June/July bottom, but appears vulnerable to further healthy consolidation this week as it nears the 61.% Fib retrace of the May to July slide. Significantly, although ETHUSD is fairly likely to retest its record high before year end, the odds of profit taking back to 3k this week is moderately 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 break below last week's low. ETHUSD's correlation to BTCUSD (on a weekly chart) is suddenly back to 0.5. I am short a small amount from the past 2 weeks in the 3080-3290 range, and am targeting 2900-3300 for the balance of August. The weekly RSI, Stochastics and MACD are bottomish or rallying, but weighed by the tiring daily equivalents.

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