Ethereum dominance came into strong support

Gregor Horvat Wavetraders

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.

ETH.D daily chart

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 weekly 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.

ETHBTC weekly chart

Is Ethereum about to rally and to follow Bitcoin in the current bullish Crypto market?

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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