Gold Price: Inside an Ascending Channel
In our May 25 comparative price analysis of Ethereum and gold, we noted that Gold ($/OZ) had broken out above a descending resistance line on May 23. Furthermore, while the gold price had increased slightly, the Ethereum price suffered price losses.
Since then, the price of gold has been trading inside an ascending channel after reaching hourly lows of $1315.3 on June 3.
A gradual increase ensued and the price made a high of $1344.08 on June 5. It has been decreasing since.
At the time of writing, the gold price was trading near $1340.
The highlighted part is the price of gold during the measuring period of June 1 – June 8.
Ethereum Price
Similarly, an ascending channel can also be traced for Ethereum. Furthermore, it is occurring during the same time-frame as gold. The ETH price created this pattern on June 5, with lows and highs of $233.3 and $247.5, respectively. At the time of writing, the price of Ethereum appears to be decreasing towards the support line of the channel after being rejected by the resistance line on June 7.
Therefore, both Ethereum and gold are trading in the middle of ascending channels with similar length.
The highlighted part is the ETH price during the measuring period of June 1-8.
Summary
The price of Ethereum (candlesticks) and the price of Gold (yellow) are compared at one-hour intervals from June 1 to June 8 in the graph below:
On June 3, the Ethereum price began a rapid decrease. It continued until June 5, when the price had decreased by a total of 12 percent. Afterward, a gradual increase ensued and the price created the ascending channel outlined in the above section. Even though it has been increasing since the measuring period ended with a loss of seven percent
Gold, on the other hand, experienced much less volatility and saw growth during the same period. It began a gradual increase on June 3 and saw gains of 2.69 percent during June 1-8.
In short, while the gold price experienced slight overall gains, the Ethereum price experienced more severe losses.
Do you think that the gold price will be able to continue outperforming the Ethereum price? Let us know in the comments below!
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
