#ETH
The weekly close is at the highest level in eight months, with a second consecutive week holding above the 50-week moving average.
The significance of this signal is that ETH has previously lagged BTC, but now improvements in relative strength are beginning to show.
However, “holding above the moving average” and “an uptrend starting” are two different things.
Staying above for two consecutive weeks is the first step; next we need to see whether it can hold, and whether it can withstand a BTC pullback.
The structure is improving, the bias is bullish, but we still need to watch the timing.
The weekly close is at the highest level in eight months, with a second consecutive week holding above the 50-week moving average.
The significance of this signal is that ETH has previously lagged BTC, but now improvements in relative strength are beginning to show.
However, “holding above the moving average” and “an uptrend starting” are two different things.
Staying above for two consecutive weeks is the first step; next we need to see whether it can hold, and whether it can withstand a BTC pullback.
The structure is improving, the bias is bullish, but we still need to watch the timing.
