Lets have a look at this market for those that are trading ETH vs BTC.
Ethereum has really been treating its holders with really good gains versus Bitcoin since December last year.
This shows great confidence in the Ethereum market and is worthwhile noting going into 2018.
However the breaks have been put on as many are booking profits in BTC.
We can see the sellers stepping in to book some profits in the 0.09 btc – 0.12 btc zone.
Support is looking strong for the time being at 0.09 btc, however I would expect 0.08 btc to come into play as medium term support should the shorter term fail.
This looks like a very healthy correction for the market and we have a possible bullish pendant forming in near future.
Should ETH remain strong above 0.09 btc I will take it as a very strong bullish indicator going into 2018. Longer term speaking ETH is poised for some serious gains by 2019.