Market Pulse: Ethereum Is Approaching Key Highs


    As we mentioned yesterday, Bitcoin has been running toward new highs. Now Ethereum is on watch.

    Both cryptocurrencies have grappled with resistance from their consolidation over the last three years. BTCUSD broke above its June 2019 high at the start of this month and is now pushing toward the all-time peak around $18,892.

    ETHUSD is a little more complicated, and in some ways potentially more bullish: It already broke its June 2019 high of $364 in early August. It found support and bounced there in mid-October.

    The current resistance is around $490 from September 1. Above that, ETHUSD has few clear obstacles before the May 2018 peak around $829.

    ETHUSD is often a more volatile follower of BTCUSD. (Last cycle, it peaked about one month after its larger peer.)

    The next major catalyst for ETHUSD is the launch of its key upgrade on December 1. That requires 524,000 coins be “staked” or committed by next Tuesday, November 24. A report in Decrypt yesterday said less than one-fifth of quota has been reached so far. It’s not clear how much a shortfall could impact prices.

    Related post: TradeStation Crypto Is Now Available on TradingView

    Related post: Bitcoin at 34-Month High as Anthony Scaramucci Targets Cryptocurrencies

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    David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.