Ethereum Rallies as BTC Settles

ETH 4-hour candle chart, approximately 1:30pm ET, 10/14/21.

Ethereum has seen a rally on the 4-hour chart. However, the MACD could be gearing up to swing downward, and the MFI is nearing overbought territory as well.

ETH/BTC ratio approximately 1:45pm ET, 10/14/21.

The ETH/BTC has found longer-term support and rallied, with ETH preparing to outpace Bitcoin after its most recent rally. It’s broken through a line of resistance and is continuing to test further short-term resistances. With these technical factors in mind, it’s important to keep in mind fundamental factors as well.

Ethereum is preparing for an update as well that is scheduled to go mainnet soon. This update could potentially help with Ethereum’s scaling issues. These updates tend to have an influence on price action, and could play a role in short-term price action.

As BTC approaches $60k its important to keep in mind the influence that its price action directly has on the rest of the cryptocurrency market. This includes Ethereum.

These are all important factors to consider when looking at Ethereum, as well as the larger alt coin market.