October was undoubtedly a moment that will be remembered for years to come, simply because of the monumental changes that took place in crypto-verse in general, in terms of adoption and ascent. While the protagonist for the last month seemed to be the king’s coin, Ethereum ATH was also close, just before the month closed.
With both top assets making decent returns, the market was still anticipating higher levels and all for the right reasons. In fact, looking closely at the Ethereum chart, it was clear that the top altcoin still had plenty of room to grow. So will November look brighter for Ethereum than October? Well, looking at the historical data, it looks like ETH could make some amazing moves in the coming weeks.
Promising weekly and monthly closing
Ethereum’s weekly close as October ended was the highest weekly close the top altcoin has ever seen. ETH’s weekly candle last week closed above $ 4180, for reference, the latest high close when Ethereum made an ATH in May was $ 3808.
However, that was not all, ETH weekly candles have managed to close above $ 3,500 for the past three weeks. In fact, pseudonymous analyst jaydee_757 noted that there is a hyper-bullish development taking place on the ETH charts. Notably, ETH’s weekly RSI was on a 6-month trend line and had finally broken out, so did ETH’s move.
Also, the Stochastic RSI made a crossover on the weekly chart as seen in the figure above. Every time this crossover took place above the 20 level in the last year, the price of ETH saw a double price, the same aligned pattern could spell a game changer for Ethereum.
That said, a similarity between ETH’s 2017 price structure and 2021 can be seen by looking at the weekly chart. It is seen that on both occasions after a consolidation phase roughly from June to September, ETH saw a local top (in 2021, a new ATH not much higher than the previous one).
However, after the consolidation and the subtle increase, in the month of November, the ETH price exploded showing gains of 166% as the trend continued until December.
Since there is a great similarity in structure, it is possible that ETH could also make a 100% profit this time if everything else goes well.
However, while the prospects for a higher move looked bright, Ethereum’s price release, the ATH, had been making a sideways move. With ETH below 4% of its ATH, the possibility of a short-term correction could not be ruled out.
However, if the same happens, it would be a good buying window. For now, given that 62.13 million (98%) addresses were In the Money, the best would be HODL.
This is a machine translation of our English version.