As we mentioned yesterday, Bitcoin has been running toward new highs. Now Ethereum is on watch.
Both cryptocurrencies have grappled with resistance from their consolidation over the last three years. BTCUSD broke above its June 2019 high at the start of this month and is now pushing toward the all-time peak around $18,892.
ETHUSD is a little more complicated, and in some ways potentially more bullish: It already broke its June 2019 high of $364 in early August. It found support and bounced there in mid-October.
The current resistance is around $490 from September 1. Above that, ETHUSD has few clear obstacles before the May 2018 peak around $829.
ETHUSD is often a more volatile follower of BTCUSD. (Last cycle, it peaked about one month after its larger peer.)
The next major catalyst for ETHUSD is the launch of its key upgrade on December 1. That requires 524,000 coins be “staked” or committed by next Tuesday, November 24. A report in Decrypt yesterday said less than one-fifth of quota has been reached so far. It’s not clear how much a shortfall could impact prices.
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