Sun. Apr 21st, 2019

Technical Analysis: ETH to follow ADA?

ETH-BTC to ADA structural comparison:

Even though the data is rather limited, these two coins have been highly correlated to one-another:

ADA/BTC (orange) vs ETH/BTC (green)

Except this time ETH-BTC is lagging, with ADA taking the lead with its upcoming IOHK Summit happening on April 17th.

If we look at the structural similarities between Ethereum and Cardano, we’re possible at the beginning of an uptrend. However, we don’t want to be jumping the gun and basing our purchase on a fractal. We can see at the moment that there is a big struggle between the bulls and the bears.

ETH is showing some consistently impressive volume
Cardano increasing in price after significant volume increase

If ETH is able to break and close above the 0.034156 level on the daily (which is the highest volume node), I’d be more confident in the beginning of a similar uptrend to what Cardano is experiencing.

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