Over the past few weeks, Ether (ETH) has tracked Bitcoin’s (BTC) price action and observant traders have deftly played reversals off double bottoms and back to back bounces at the $162 and $153 support. A comparison of the daily and weekly charts of Ether and Bitcoin highlights a number of similarities, chiefly, the Doji candle set right outside the upper arm of a wedge pattern. Ether, like Bitcoin, is consolidating into a tightening range as Bitcoin cools off and searches for direction after the meteoric 42% rally on Oct. 25.
With the weekly close approaching, traders are probably enjoying the weekend and waiting for the candle close to provide some insight into what direction the market might take going forward. Let’s take a look at the charts to see where Ether price might go.