In just 48 hours, Ethereum price rocketed over 50% from $770 to roughly $1140 at last night’s overnight high
In just 48 hours, Ethereum price has soared by more than 50% from $ 770 to around $ 1140 – its highest level last night. Is this latest impetus the last in Ethereum’s bullish trend? Or, like Bitcoin, will this sell signal fail and top-ranked altcoins rise to new all-time highs?
ETH/USD 4-hour chart | Source: TradingView
Ethereum price is up by more than 50% in the first week in 2021
While it’s hard to argue that 2020 is the year of Bitcoin, Ethereum has outperformed the leading cryptocurrency with a sizable margin. As for the 30%, ROI Bitcoin must have demonstrated for the year to date, Ethereum has risen more than 50% year-to-date to last night’s high.
As was highly anticipated by many, #Ethereum has rebounded all the way up to a new $1,055 ~5 hours ago. This came on great address activity for $ETH, and an encouragingly low ratio of tokens sitting on exchanges. https://t.co/WVW54XWyFX
— Santiment (@santimentfeed) January 4, 2021
The higher high on daily timeframes on the USD trading pair has resulted in a perfected sell setup using the TD Sequential indicator created by market timing wizard Thomas Demark. On daily timeframes, the TD Sequential indicator has lit up with a “9” sell setup. After a specific sequence of candles forming an uptrend, the “9” appears signaling that a reversal is likely. Things can, however, keep going, which will result in a countdown to “13” – which says the trend by at that point should be fully exhausted.
Demark’s “model” perfectly predicted the 2017 and 2019 “tops” along with the December 2018 bear market bottom, but when it was telling him recently that the top crypto asset’s trend would fizzle out in December, not only was it an incorrect call, but Bitcoin added another $ 10,000 to its price point since.
Ethereum is also at a similar point in its rise as Bitcoin has previously been shown to be inaccurate and if the momentum is so strong, the sell setup will be ignored and used instead. to attract sellers to force higher prices.
You can see the ETH price here.