Daily ETH Update

Daily ETH Update

Well, it’s hard to get a nicer chart than what we are seeing here today. ETH has completed a very bullish “cup and handle” pattern, followed by a breakout and retest of previous resistance. Now are just seeing a breakout to the upside of that retest. This move is being supported by a Normalised MACD crossover as well as RSI moving back up. OBV has gone green however I would like to see some more strength here. No signal can be trusted unless it has support from volume , so if you are looking to re-weight your portfolio from BTC to ETH just be aware that there is only weak commitment to this move. It is my opinion that the market will actually come in to support this move and we will see ETH continue to outperform BTC ….but that’s just my guess 🙂