Bitcoin, Ethereum Technical Analysis: Bid Into A Busy Weekend

The crypto space continues to evolve and next week marks another key point on that timeline when Ethereum futures contracts go live. In anticipation of the listing, Ethereum rallied throughout the week to continually punch up to even higher all-time-highs. At this point, Ethereum is up more than 130% in 2021 alone, and we’re barely a month into the New Year.

Perhaps more impressively the cryptocurrency has rallied by as much as 1859% from the March 2020 lows, and as much as 473% from the September lows. Bitcoin, of course, has had its days in the sun but the numbers fail to compare to Ethereum, and this can be seen in the continued fall in the Bitcoin/Ethereum spread, which fell to a fresh two-year-low earlier this week and has been running-lower for much of the time since peaking in September of 2019.

BITCOIN/ETHEREUM HIGHLIGHTS ETHEREUM’S GROWING PRESENCE IN THE CRYPTO SPACE

(Click on image to enlarge)

Bitcoin vs Ethereum

Chart prepared by James StanleyBitcoin/Etherum on Tradingview

ETHEREUM JUMPS UP TO FRESH ALL-TIME-HIGH

Coming into this week, Ethereum had already spent two weeks testing resistance at the prior all-time-high, which was set in 2018 at a price of $1,420.00. That level was tested each of the past two weeks but this week, bulls accelerated through to push the market all the way past the $1700 marker.

The fresh high, plus the major change next week with the listing of Ethereum futures contracts presents some significant change and possible turbulence to deal with. There’s no sign yet of this breakout reversing; but traders would likely want to remain cautious as any time something that large is changing in a market, the range of possible outcomes similarly shifts to a much wider base of potential.

ETHEREUM WEEKLY PRICE CHART: ACCELERATION UP TO FRESH ALL-TIME-HIGH

(Click on image to enlarge)

Ethereum ETHUSD

Chart prepared by James StanleyEthereum on Tradingview

Should Ethereum pull back, there could be some possible opportunity for analysis to enter the equation. The prior batch of resistance, from around 1,420 up to 1476 could be looked at as potential support as taken from prior resistance.

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