Today’s Chart of the Day was shared on Twitter by Louis Sykes (@haumicharts). It's a chart of the second-largest Cryptocurrency, Ethereum, over the past five years (ETH/USD). Louis points out that Ethereum is testing its former highs around $1,200-$1,400. If you've been following the Cryptocurrency space recently, you'll recognize that this setup looks very similar to how Bitcoin looked a month ago. Price is attempting to break out of a multi-year base within a primary uptrend. This is still a crucial level to clear. But if we do break out to all-time highs in the next few weeks, things could get really interesting. With Bitcoin up more than 100% in the past month, it's easy to say the Crypto space is overextended. But to Louis' point, what if the party in the Crypto space is just getting started?
Chart of the Day - Thursday, January 14th, 2021
January 14, 2021
