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Ethereum Price Chart and Analysis
The Ethereum ‘London’ upgrade was completed on Thursday without incident, nudging the spot price higher, while the convincing breakout of the recent range around $2,500 has enabled ETH to move ever higher. As with Bitcoin, a cluster of prior highs all the way back to $3,000 may slow the next move higher, but current sentiment remains positive and any pullbacks are likely to be fleeting.
The Ethereum/Bitcoin spread finally broke through trend resistance at the beginning of the week and the spread moved sharply higher before falling back late Thursday. Looking at the chart it is likely that the spread will move higher but a period of consolidation may be needed, especially with the Infrastructure Bill discussions going on. The trade does look overbought in the short-term, using the CCI indicator, while a positive case can be made from the 20-dsma moving higher through the 50-dsma.
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