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Ethereum sees healthy consolidation

Ethereum (ETHUSD)’s near complete weekly Doji after 4 straight green weekly candles and the fresh record high early this past week reflects healthy consolidation. Significantly, ETHUSD is hesitating as it nears upchannel resistance (on the daily and weekly chart), coinciding roughly with the psychologically key 5k whole figure level. Nevertheless, ETHUSD appears to have notable upside after the current consolidation of the break above 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 and Stochastics are rallying, but weighed by the overbought and tiring weekly Stochastics. I am likely going to remain flat this week but would consider going long in the 4000-4300 range, targeting a 4000-5000 range for the balance of November.

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