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Ethereum reaches record high

Ethereum (ETHUSD) edged to another record high Friday, and appears to be gearing up for a Bull Flag extension (on the weekly chart) going into year end. Significantly, ETHUSD decisively broke above triangle resistance (on the weekly chart) 2 weeks ago, and is now arguably completing a Bull Flag consolidation since the May 2021 peak. A higher October low versus the September low is all but assured and reinforces the higher October high versus the September high. ETHUSD's correlation to BTCUSD (on a weekly chart) is at 0.95, near the upper end of its 5 year range. The weekly and daily RSI, Stochastics and MACD are rallying or consolidating recent gains, with the weekly and daily Stochastics overbought. I am flat after profitably closing longs last week, and am looking to re-enter long in the 4100-4300 range, targeting a 4000-5000 range for November.

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