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ETH Analysis – Correlation with BTC almost to ATH! The correction will continue

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ETH reaches the last 30 days correlation with BTC on value 0.94, which represents the highest correlation among the top highcap coins. The technical analysis will therefore be very similar to the BTC analysis. So let’s look at the current supportive a resistant bands.

The last days of ETH continue in sideway movement and the price has not yet fallen out of this band. A sell or buy signal occurs when the price gets out of this side structure. In case bullish scenario I’m watching the level on $ 2,300 but even if the growth lasted longer, we are still in a corrective structure.

Ethereum holds $ 2,000ETH holds $ 2,000. Source: TradingView

ETH in correction

If we wanted to consider ending the correction, the price would have to exceed the level of $ 3,000, which volumes are missing a sentiment. In the second scenario, I expect the correction to continue without a growing leg. Basically, in the medium term, we are still in correction and for the coming weeks I do not expect a reversal of the medium-term trend.

In addition, the formation of a long-term bottom and subsequent accumulation can take months. This has not been the case in the past. In the long run, we remain so bullish. In the short term, we monitor support for about $ 1,700.

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