Ethereum (ETHUSD) Forms New High Near Key 4K Level

Ethereum (ETHUSD) surged this past week past 3k and is now at another record high just shy of the psychologically key 4k whole figure level.  Significantly, although further short covering by bears this week could result in a final blow off top that sees ETHUSD rally towards 5k before finally seeing a sharp reversal, risk:reward for those establishing fresh longs at current levels is highly unfavourable.  The steepness of the rally extension in the past 2 weeks and the break of the current weekly candle above the resistance line of the weekly chart upchannel that began early 2021 suggests ETHUSD could quickly slide back into this prior upchannel.  ETHUSD's correlation to BTCUSD (on a weekly chart) continues trending lower, and is at the lowest level since November 2019.  Congratulations to longer term bulls who remained long ETHUSD or initiated ETHUSD longs after the March crash, with bullish developments profiled in the March 29th analysis and increasing upwards momentum cited April 26th. I am flat after getting stopped out of a small short and am going to stay on the sidelines this week unless the weekly and daily RSI, Stochastics and MACD all turn down.

Ethereum (ETHUSD) Weekly/Daily

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