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As we said yesterday, Bitcoin is racing towards new highs. Now Ethereum is on guard.
Both cryptocurrencies have been struggling with the strength of their consolidation over the past three years. BTCUSD broke its June 2019 high earlier this month and is now pushing towards an all-time high around $ 18,892.
The ETHUSD is a bit more complicated and in some ways potentially more bullish – it has already broken its June 2019 high of $ 364 in early August. It found support and rebounded there in mid-October.
Current resistance has been around $ 490 since September 1. Furthermore, ETHUSD has few obvious hurdles before the May 2018 peak around $ 829.
ETHUSD is often more volatile follower of BTCUSD. (The last cycle peaked about a month after its largest peer.)
The next major catalyst for ETHUSD is the launch of its key update on December 1st. This requires 524,000 coins to be “staked” or committed by next Tuesday, November 24th. A report in Decrypt yesterday he said that less than a fifth of the quota has been reached so far. It is not clear how much a deficit could affect prices.
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