- Bitcoin (BTC) and Ethereum (ETH) share the same price action
- Bitcoin finds direction after massive rally of 42 percent last week
- Bitcoin faces a major hurdle at the $9,400 mark
Bitcoin News Today – Over the past couple of weeks, Ethereum (ETH) has been following the price trend of Bitcoin (BTC). When compared, there are a lot of similarities between the weekly and daily charts of Bitcoin (BTC) and Ethereum. Ethereum (ETH), like Bitcoin (BTC), is correcting into a tight range, as BTC cools off and finds direction after the massive 42 percent rally on October 25. The weekly close is approaching and traders are enjoying the weekend and waiting for the close of the candle to give them a hint of where the market would be going to next.
Bitcoin and Ethereum Look for Direction after 42 Percent Rally Last Week
Like BTC, Ethereum is trading outside a descending channel in a tightening range. On the daily chart, the 12 EMA (exponential moving average) has pulled slightly over the 26 exponential moving average. To gain over the high volume node of the range, ETH needs to clear $184 and $185. The formation of double bottoms patterns has provided pleasant results, and there was a price increase of 4.3 percent after the recent double bottom at $177.
Bitcoin (BTC) Price Today – BTC / USD
Like Bitcoin (BTC), the Bollinger Bands (BB) are closing up and Ethereum is on top of the middle moving average of the indicator. As is a trend of digital currencies before they make any major upward or downward move, trading volume has continually reduced and the trading range has tightened. A break over the $187 mark would clear the high volume nodes of the VPVR at $180 and $184. It would also push the price of Ethereum to the upper arm of the Bollinger Band indicator.
This could push the price of the digital currency to $191, an increase of 5 percent, and also give the digital currency the opportunity to set a lower high at $193. Traders are also waiting to see Ethereum set a higher high over $194, a point that also aligns with the 200-day MA at the 61.8 percent Fibonacci retracement level. This would push Ether price close to $204, which has been the first sell target since it formed a double bottom at $153 on October 23.
Ethereum (ETH) and Bitcoin (BTC) Share the Same Price Action
Ethereum has been trying to break over a major hurdle over the past few days. Bitcoin (BTC) has also been in a similar position over the past week. The digital currency has been attempting to break over the $9,400 resistance level. Investors are aware that Ethereum is following the price action of Bitcoin (BTC). Hence, Ethereum could be mirroring whatever path BTC takes as the weekly close approaches.