Ethereum (ETHUSD) Weekly MACD Positively Crossing
Ethereum (ETHUSD) has consolidated for a 2nd straight week just below the 61.8% Fib retrace of the May to July slide, digesting the massive rally off the Triple Bottom May/June/July low. Significantly, although ETHUSD is likely to retest its record high by year end, the steepness of the late July - August rally keeps the likelihood of retesting the key 4k level by October sometime to moderate. With ETHUSD's higher August high and low versus the July high and low, any pullback in September from current levels will be relatively shallow and unlikely to break the psychologically key 3k whole figure level for more than a few days. ETHUSD's correlation to BTCUSD (on a weekly chart) is suddenly back to 0.63 and trending towards the upper end of its 5 year range. I am flat after profitably closing a small short this past week and am now looking to go long in the 3000-3200 range, targeting 3200-3700 for September. The weekly RSI, Stochastics and MACD are bottomish or rallying, but weighed by the downsloping daily MACD.