How extended can Crypto really be when the 2nd largest coin, or 13% of the market-cap of the entire Crypto complex, has made zero progress in 37 months? Hell, $BTC literally just corrected 30%…
Charts like this suggest we're closer to the start of the move rather than the end pic.twitter.com/TwdlQ6ItvK
— Louis Sykes (@haumicharts) January 14, 2021
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?