Hi, Traders ! **Monfex** is on the air !

**Ethereum preserves tight correlation with Bitcoin and is set to climb above $200 soon.**



\* Ethereum has been following precisely Bitcoin’s price dynamic over the last several weeks. This correlation was easily visible when BTC had faced selling pressure lately,that forced the price down to $8,700.

\* As you can see from the right-hand chart, Bitcoin’s recent bearishness was closely replicated by Ethereum’s price action.

\* Despite the recent bearishness, Ethereum has gone up in price significantly from its mid-term lows under $160 to the local highs around $200 level.

\* At the moment, ETH is setting up higher lows on H4 time-frame, preceding the potential upward impulse above $200.

\* Another bullish factor that could energize Ethereum’s bulls is the crypto’s network activity, which appears extremely strong recently, having processed in September the most activity in its history.

**Active trade signal**

Buy @ $183 – $187.Nearest Target: $220.Stop-loss: $173.


*DisclaimerThis report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.*

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1 Comment

  1. Rchcur77 on 17. June 2022 at 13:47

    No shit, the entire market is approaching 1

    Useless post