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Ethereum Relative Strength

April 26, 2021

The relative strength this year has been in Ethereum. You can see the 2021 performance in this Koyfin chart below.

It's been the opposite of Gold. Ethereum actually goes up in price....

Ethereum has really outpaced Bitcoin as well. You can really see it in the relative strength as of late.

Here is the long-term Ethereum chart. As you can see below, the measured move from the initial breakout through 1425 took us to around 2250. This is where Ethereum has essentially stopped going up:

It's been digesting these gains in, what appears to be, a healthy consolidation. This acknowledgement seen in the supply and demand dynamics, at its key extension levels, seems perfectly normal, well-deserved, and not at all unprecedented.

The relative strength, however, that's what stands out to me. That's one for the Ethereum bulls that I don't think has been accounted for....

3600 is achievable in the near term, in my opinion. Its ability to hold above these April lows, representing the recent consolidation, will be vital to the success of the Ethereum bulls here, myself being one.

I'm long. Been long.

What do you think? The trend still up here?

You in?

JC

 

 

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