Chart of the Day - Friday, October 29th, 2021

Today’s Chart of the Day was shared by David Rath (@DJwrath). It's a daily candlestick chart of the second-largest Cryptocurrency, Ethereum, over the past eight months. David points out that Ethereum is breaking out to an all-time high. As you can see, it's built a solid six-month base to launch higher from. RSI never reached oversold conditions despite tumbling 60% earlier this year, which can only be interpreted as bullish. Now that it's in blue sky territory, there's virtually no overhead supply preventing it from moving higher. Keep an eye on how Ethereum behaves in the near term as it looks poised to make a new leg higher.