Without a doubt, October will be remembered for years to come, simply because of the monumental changes that occurred in the crypto-verse as a whole, in terms of adoption and rise. While the king coin seemed to be the main attraction over the last month, Ethereum’s ATH also came close just before the month ended.
Despite the fact that both top assets posted decent gains, the market was still expecting higher levels, and for the right reasons. In fact, a close examination of Ethereum’s chart revealed that the top altcoin still had a lot of room to grow. So, will November be a better month for Ethereum than October? Looking at historical data, it appears that ETH could make some spectacular moves in the coming weeks.
Weekly and monthly closes appear promising.
As October came to a close, Ethereum’s weekly close was the highest the top altcoin had ever seen. Last week, ETH’s weekly candle closed above $4180; for comparison, the last highest close when Ethereum made an ATH in May was at $3808.
Not only that, but ETH’s weekly candlesticks have closed above $3500 for the last three weeks. In fact, jaydee 757, a pseudonymous analyst, observed a hyper-bullish development on ETH’s charts. ETH’s weekly RSI was in a 6-month trendline and had finally broken out, indicating ETH’s movement.
Furthermore, as shown in the figure above, the Stochastic RSI made a cross on the weekly chart. Each time this cross occurred above the 20 level in the previous year, ETH’s price increased by a factor of two; the same pattern aligning could mean a change in Ethereum’s game.
Is history repeating itself?
Having said that, a similarity between the price structure of ETH in 2017 and 2021 can be seen by looking at the weekly chart. It can be seen that both times after a consolidation phase that lasted roughly from June to September, ETH experienced a local top (in 2021 a new ATH not much higher from the older one though).
Following the consolidation and gradual rise, however, in the month of November, the price of ETH exploded, presenting 166 percent gains as the trend continued until December.
Because the structure is so similar, it’s possible that ETH will make a 100 percent gain this time as well if everything else goes as planned.
However, while the prospects for a higher move appeared promising, Ethereum’s price had been moving sideways since the ATH. With ETH down 4% from its all-time high, the possibility of a short-term correction cannot be ruled out.
If the same thing happens, it would be a good time to buy. For the time being, since 62.13 million (98 percent) addresses were In the Money, the best thing to do is HODL.