Ethereum dominance came into strong support
If we take a look at Ethereum.dominance chart with ticker ETH.D, we can see it approaching interesting and strong support area for wave C of (Y) with equal wave length of waves A=C and (W)=(Y) that can belong to a complex (W)-(X)-(Y) corrective setback, so be aware of bounce and recovery, which can recover the Ethereum price.
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Considering that Ethereum dominance is nearing strong support while it's finishing a complex W-X-Y correction, we should also keep an eye on the monthly ETHBTC chart, which is also trading at strong weekly trendline within a three-wave A-B-C correction that can rebound the price, where Ethereum may start outperforming Bitcoin.
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Is Ethereum about to rally and to follow Bitcoin in the current bullish Crypto market? For more analysis like this, you may want to watch below our latest video analysis from November 08 2024:
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.