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Blocksmith Says: ETH Has Peaked for Now

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Ethereum basis 240 minute data has reached up into the top of the channel and upside momentum is starting to peel away. This is suggestive of a downside push and we will stay on top of it this week. The markets remain tricky ahead of the 8 November US mid-terms.

Last week, we saw many fairly fixed correlations break down.

For example the Dollar Index has been -86% correlated to the S&P 500 year to day but last week decoupled and the correlation dropped to -20% (i.e they both went up, which is unusual). I think the key macro and therefore crypto is the dollar and the preferred view is for an upside extension. This implies crypto, equities and commodities down near term.

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