Technical Analysis

Ethereum Dominance Came Into Strong SupportNov 6, 2024

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.

Ethereum Dominance Came Into Strong Support ETH.D Daily Chart
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.

Ethereum Dominance Came Into Strong Support ETHBTC Weekly Chart
ETHBTC Weekly Chart

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

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