Ethereum price up by approximately 60% in the past two weeks while printing a reversal sign after this extremely strong rally
Even after encountering a flash crash over the weekend, the Ethereum price has increased by about 60% over the past two weeks. ETH is printing signs of a reversal following this extremely strong rally, which is expected to decline in the coming days.
Bitcoin bulls could save Ethereum price
A Telegram channel tracking instances of Tom Demark Sequential signals just reported that Ethereum is printing bearish reversal signals. Based on the chart below, Ethereum has formed sell 9 + C-13 candlesticks on its daily chart. Per the Tom Demark Sequential, ETH should undergo a correction in the coming days should the indicator classically play out.
Even though Ethereum may be isolating a reversal signal, at the end of the day, the direction of Bitcoin is what matters. After all, all cryptocurrencies are tied to BTC’s price action on a macro scale. Fortunately for ETH’s bulls, analysts are now expecting more BTC price increases.
According to Bloomberg, the technical indicators are printing signs that Bitcoin is likely to move higher after breaking out of $ 10,000 last week.
Matt Maley, the chief market strategist at Miller Tabak + Co, said:
“The break above $ 10,000 is very compelling and should lead to Bitcoin higher… It might be able to work off this condition with a sideways correction, but its upside potential is limited over the next week or two.”
Bloomberg also added that per the “Trading Envelope indicator,” Bitcoin is reaching the upper level of its technical range. This is purportedly a “positive development.”
According to Santiment, Bitcoin is likely to witness volatility in an uptrend soon.
The company said:
“$ BTC has just indicated that the 3rd largest token age purchased spike since April has taken place today, indicating a potential short/mid-term price direction change and increased volatility … More likely to the upside than down, because this indicator more often than not foreshadows short-term to mid-term price reversals.”
Elsewhere, in the opinion of analyst Cactus, he does not seem to believe much in the decline of ETH.
$ETH / USD
Even though I did hedge 15% of my position into USDT to buy lower, I really find it hard to be HTF bearish on ETH right now with how it is currently holding above $375…
Honestly, I’m expecting a move to $440 then $750! pic.twitter.com/mpgmA8hRJz
— Cactus (@TheCryptoCactus) August 6, 2020
To what extent Ethereum will track Bitcoin’s upcoming rally is not yet clear. But assuming it follows the same route as in the past few weeks, ETH will overtake BTC.
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