Ethereum is said to be a form of digital silver to Bitcoin which is named digital gold, and funnily enough Bitcoin can often have a 80/90 point correlation with Gold while Ethereum on a similar point correlation with silver.
With Bitcoin gaining strength on its run to 13000 and Ethereum following closely behind i have identified some key levels on the Ethereum chart, and i also note that the chart of Silver XAGUSD looks near identical.
Looking at the charts we can see both are near or coming through the crucial 0.382 area we need to find "support" on this area (it also lays over a demand zone on both charts) and we may see a push to the next area of resistance marked above (0.618 fibonacci) or further.
They have moved in sync almost with the Market structure being near identical in appearance.
Check out the "Correlation Coefficient" indicator on Trading View built ins to put a graphic representation of correlation on your chart.
When trading crypto many bots are triggered when traditional markets such as gold, silver, sp500, eur/usd dxy have large movements, and if your smart you can identify correlation to capitalise on these movements or manage risk.
Technical Analysis gives no guarantees, simply probabilities, and by looking at these charts it is my assumption that if silver stays above 21$ and Ethereum above 315$ over the next coming months i am expecting a grind upwards or the possibility of the beginning of a new market cycle on each.
With Bitcoin gaining strength on its run to 13000 and Ethereum following closely behind i have identified some key levels on the Ethereum chart, and i also note that the chart of Silver XAGUSD looks near identical.
Looking at the charts we can see both are near or coming through the crucial 0.382 area we need to find "support" on this area (it also lays over a demand zone on both charts) and we may see a push to the next area of resistance marked above (0.618 fibonacci) or further.
They have moved in sync almost with the Market structure being near identical in appearance.
Check out the "Correlation Coefficient" indicator on Trading View built ins to put a graphic representation of correlation on your chart.
When trading crypto many bots are triggered when traditional markets such as gold, silver, sp500, eur/usd dxy have large movements, and if your smart you can identify correlation to capitalise on these movements or manage risk.
Technical Analysis gives no guarantees, simply probabilities, and by looking at these charts it is my assumption that if silver stays above 21$ and Ethereum above 315$ over the next coming months i am expecting a grind upwards or the possibility of the beginning of a new market cycle on each.
