ETH and BTC Attempt To Consolidate

Neither this post, nor any others on cryptofal.com, should be taken as financial advice. It is not.

ETH 4-hour candle chart, approximately 9:30am ET, 11/29/21.

After breaking above resistances last night, Ethereum is working towards consolidating in this area. The MFI and the MACD have moved up substantially and are looking for an area to settle. However, it wouldn’t be too surprising if there is a slight correction after moving this quickly. If that occurs, we may see ETH look for higher support if BTC does as well. Currently, both ETH dominance and BTC dominance are up at 20% and 42% respectively.

BTC is showing similar patterns on both its indicators and its chart (of course ETH is likely just following BTC in the short-term). The MFI is trending upwards and so is the MACD, however a swing downward in both may not be unlikely, so proceed with caution.