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Everyone’s Been Talking About Bitcoin, But Ethereum’s Week Has Been Better
The retail sales numbers came out for October a few days back. Now that we have digested that data, let's take a look at what sectors are hot and which are not.
Come join me as we dive in and see what’s moving!
Plus, as always, we have stocks popping and dropping so come find out what is moving this morning as I look for stocks and do some live premarket analysis on SPX, SPY, NDX, QQQ, Russell, IWM and other stocks that are potential plays for the day.
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Everyone’s Been Talking About Bitcoin, But Ethereum’s Even Hotter the Past Week
Ethereum is finally showing signs of life — playing a bit of catch-up with Bitcoin as it climbs toward critical resistance levels. As of Monday evening, Ethereum was up over 9% the past week, outperforming Bitcoin’s 2.6% gain over the same period.
It’s a clear signal that Ethereum might be working its way toward a breakout, but the key question is: Can it sustain this momentum?
Let’s look at the technical picture.
Ethereum is around $3,400 and if it can break out of its current range, it has the potential to finally pop to $5,400, and there’s potential to push even higher toward the $6,000 to $7,000 range. That’s if — and it’s a big if — we can get above current levels.
Breaking above the current zone would open the door to much loftier targets, but it won’t be easy. Resistance is resistance for a reason…
Zooming out, Ethereum’s recent move mirrors the broader cryptocurrency market’s dynamics. Bitcoin’s recent surge — teasing all-time highs but struggling to break through — highlights a familiar cycle.
When Bitcoin dominates, altcoins like Ethereum often follow with a lag. But the danger is in the pace of these moves. As I mentioned last week, if these runs go up too quickly, they’ll likely be over just as fast. A slower, more sustainable climb would be much healthier for Ethereum and the broader crypto market.
For those watching Ethereum Trust (ETHT), it’s a similar story. It’s grinding higher but still hasn’t shown clear bullish price action. Like Ethereum itself, it’s stuck in a wait-and-see mode — a breakout would be great, but the chart needs to prove it first.
So, where does this leave Ethereum?
In the short term, all eyes are on the current zone, then at the next major resistance area — $5,400 to $5,500 first
Then the big numbers above $6,000. A break above these levels could signal the start of a more significant move, but failure to clear resistance could lead to a pullback, just as we’ve seen with Bitcoin’s struggle near its all-time highs.
Be careful out there. Crypto moves fast, and while Ethereum’s catch-up game is exciting, nothing is guaranteed until we see a breakout confirmed.
Today’s Daily Chart Setup: New York Times Co. (NYT)
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