Ethereum long-term Price Analysis: 30 November

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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be considered as investment advice

Both the 30-day and 60-day correlations of Bitcoin with Ethereum have dropped since May 2020 from 0.95 to 0.51. While this is news to rejoice over, especially for ETH enthusiasts, it may just be a development fueled by the DeFi summer.

The YTD returns of ETH [260%] are more than double that of BTC [121%], a finding that also explains the drop in correlation mentioned above. The king of altcoins has decoupled enough from the king of crypto, but will it last? This will be an interesting development to keep an eye out for as the year comes to an end.

As for ETH’s price, it looked bearish at press time. However, should the bull run continue, the price will disregard this bearish indication and surge higher on the charts.

Ethereum 1-week chart

Source: ETHUSD on TradingView

The one-week chart for ETH is an important one, with important trends for both the higher timeframe and the lower timeframe able to be identified. The chart attached herein highlighted two important levels; regardless of bullish or bearish, these levels are important and will play an important role soon.

Rationale

The chart pictured two Fibonacci extensions, 1 extending from the ATH to the ATL [all-time low], the other…

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