- Ethereum now eyes $5k after breaking above the October ATH.
- Basic bullish channels continue to hold.
The cryptocurrency market continues to edge higher and the outlook for the short- to medium-term remains positive despite the markets’ increasingly lofty levels. I wrote at the weekend that the Ethereum set-up remains positive into the year-end and today’s new high underscores this.
Ethereum (ETH/USD) is leading the cryptocurrency market higher today and has just posted a fresh new high as buyers remain in control of the market. The daily chart shows a basic bullish channel that has been in control of price action since late September. The steepness of the channel will eventually prove difficult for Ethereum to remain above, but while ETH trades either side of support, higher prices will be seen. All three simple moving averages remain in a bullish formation, while the CCI indicator shows Ethereum as overbought, but not excessively so. Initial short-term support between $4,146 and $4,166.
Ethereum (ETH/USD) Daily Price Chart – November 2, 2021
While Ethereum is testing new ground, Bitcoin is still around 5% below its recent high. The Ethereum outperformance has also aided the rest of the alt-coin market with single-digit percentage gains seen today. The chart below shows a basic alt-coin market valuation which again is moving ever higher within a bullish channel set-up, with higher highs and higher lows being made on a regular basis.
Crypto Total Market Cap Minus Bitcoin – November 2, 2021
What is your view on Ethereum (ETH) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.