With Bitcoin (BTC) in the midst of a very choppy market, and with Bitcoin dominance on the decline, some altcoins are starting to show decent gains on their charts. And Ethereum (ETH), often the leader of the altcoin markets, is finding itself a bit behind the curve. It is currently stuck at a couple of different resistance levels, having trouble punching through.
We start with the 12-hour ETH/BTC chart, where Ethereum looks like it could pop through at any moment. The leading altcoin is squeezed here by the 21 exponential moving average and the local resistance levels.
ETH has shown some weakness lately, however, seeing a major bear divergence after Bitcoin’s breakdown -- which took with it many promising altcoin charts. It is for this reason that we may, perhaps, forgive this nasty bear divergence and not give it too much credence.
In general, we see the end of a small consolidation that started on about September 24. This is apparent both by the volume profile, and by the shrinking histogram profile which is now down to nothing at the center of the range. A move is clearly coming soon for ETH/BTC, and the trend is up, making a break up more likely.
Looking at a 12-hour ETH/USD chart, we see a different story. Ethereum here is also stuck at a resistance, just under the $190 knot after the fantastic drop caused by Bitcoin on September 24. And like Bitcoin, this looks to have formed some downward momentum that very possibly needs another leg down in order to dissipate.
Finally, we move back to the 3-day ETH/BTC chart to try and glean some larger insight. We see again that the trend looks to be up, which suggests another push could come to break this resistance level. But this may not translate to gains on the fiat charts, if Bitcoin goes down at the same time.
The histogram here is mostly plateauing, not arcing down, which again suggests that another push up may come. The volume profile for this trading period looks sure to gain over the last bar, already almost matching it after one (out of three) days.
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