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Ethereum (ETHUSD) Tries Regaining Fresh Record High

Ethereum (ETHUSD) rallied to another record high mid week, and is seeing a bit of healthy consolidation as it bumps up against upchannel resistance (on the daily chart). Significantly, ETHUSD appears to be extending what some would argue on the weekly chart has been a Bull Flag (on the weekly chart), or continuing an upchannel. Another interpretation is that ETHUSD has broken its prior ascending triangle resistance (defined by connecting the May and October high). ETHUSD's correlation to BTCUSD (on a weekly chart) is at 0.96, near the upper end of its 5 year range. The weekly RSI, Stochastics and MACD are rallying, but weighed by the overbought weekly and daily Stochastics. I am likely going to remain flat this week but would consider going long in the 4000-4300 range, tentatively targeting a 4000-5000 range for November.

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