RATE Group | Ether and Bitcoin Price Look for Direction After Last Week’s 42% Rally
67359
post-template-default,single,single-post,postid-67359,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Ether and Bitcoin Price Look for Direction After Last Week’s 42% Rally

03 Nov Ether and Bitcoin Price Look for Direction After Last Week’s 42% Rally

Posted at 00:07h in Bitcoin News by

[ad_1]

Over the past few weeks, Ether (ETH) has tracked Bitcoin’s (BTC) price action and observant traders have deftly played reversals off double bottoms and back to back bounces at the $162 and $153 support. A comparison of the daily and weekly charts of Ether and Bitcoin highlights a number of similarities, chiefly, the Doji candle set right outside the upper arm of a wedge pattern. Ether, like Bitcoin, is consolidating into a tightening range as Bitcoin cools off and searches for direction after the meteoric 42% rally on Oct. 25. 

Coin360

Crypto market data weekly view. Source: Coin360

With the weekly close approaching, traders are probably enjoying the weekend and waiting for the candle close to provide some insight into what direction the market might take going forward. Let’s take a look at the charts to see where Ether price might go.

ETH USD daily chart

ETH USD daily chart. Source: TradingView

Similar to Bitcoin, Ether trades outside of a descending channel (wedge for Ether) in a tightening range. On the…

[ad_2]

Source link

Tags:
, , , , , ,