Ethereum play is still valid! Give my baby boy a move!
If we talk about which crypto asset which has the most correlation with bitcoin, it will be very ignorant to me to not answer Ethereum. Yes, Ethereum is having a positive correlation with bitcoin and it's highly correlated to it. Like you can see on the last 2 days when bitcoin has its bounce with 10% up from the local bottom, Ethereum is doing the exact same thing with the 16% from its local bottom. And because bitcoin is having its bullish momentum on play, here we must expect the same thing on Ethereum.
I'm not just looking from the correlation perspective. But, on its chart work too. The technical analysis is showing us the same thing and funny that I've waited for this pattern since May 6th. Looking at the pattern, the major parallel channel here is the white up trend channel and it hasn't been broken down even when the price was at its bearish pressure on May 10th. There are several action from the previous performance that had the same bull flag pattern with today's bull flag pattern and it's all ended up with the spike of going up!
Now, if we look at the RSI, it moves perfectly to above the 60 level which is the shifting area from the neutral to bullish momentum in play. So, there is still a high probability for the price to test the higher zone of resistance and I have my conservative target on $240 if the price can breaks out of the upper line of the flag.
I'm not just looking from the correlation perspective. But, on its chart work too. The technical analysis is showing us the same thing and funny that I've waited for this pattern since May 6th. Looking at the pattern, the major parallel channel here is the white up trend channel and it hasn't been broken down even when the price was at its bearish pressure on May 10th. There are several action from the previous performance that had the same bull flag pattern with today's bull flag pattern and it's all ended up with the spike of going up!
Now, if we look at the RSI, it moves perfectly to above the 60 level which is the shifting area from the neutral to bullish momentum in play. So, there is still a high probability for the price to test the higher zone of resistance and I have my conservative target on $240 if the price can breaks out of the upper line of the flag.
