Ethereum has finally begun to surge after a macro bear market. As of this article’s writing, the asset trades for $288, a 2020 high.
The asset has achieved this high after a strong 15% surge in the past 48 hours.
Unfortunately for bulls, a bearish signal just appeared that could deny further upside for ETH, at least for the time being.
Ethereum may have a fundamental case that allows it to continue to rally higher in the long run, though.
Just 48 hours ago as of the time of this article’s writing, Ethereum was trading for $245. The leading cryptocurrency now trades for $288 — a bit more than 15% higher than that aforementioned price.
The cryptocurrency could see a correction, though, according to a tried and true technical indicator.
Ethereum Could See a Correction From Here, Predicts Indicator
Ethereum could see a strong correction against Bitcoin according to the Tom Demark Sequential. The TD Sequential is a time-based indicator that prints “9” and “13” candles at inflection points in the trend of an asset.
According to the chart below, shared by a Telegram channel that tracks TD signals, ETH just printed a “sell 9” candle against BTC on a weekly scale.
Chart of the ratio between ETH and BTC (ETH/BTC) on a macro scale by a Telegram channel tracking Tom Demark (TD) Sequential signals. Chart from TradingView.com
Adding to the expectations of a correction, analysts have noted that $290 is a pivotal level for the cryptocurrency. It is where previous rallies, like the one in February, found a high and where Ethereum has historically found support.
Take the chart below. It shows ETH’s macro price action (over the past three years). As can be seen, the price zone around $290 has been of extreme importance for Ethereum bulls and bears.
Take late-2017, for instance, where it spent multiple weeks holding above $290 without breaking below that region.
This historical precedent suggests that Ethereum will struggle to pass this region this time around. How that plays out, though, remains to be seen.
Chart of Ethereum’s price action on a macro scale. Chart from TradingView.com
How About Its Bullish Fundamentals?
While there is this technical case for a correction, the asset’s proponents remain certain that the asset is undervalued from a fundamental perspective.
They cite the recent adoption in the decentralized finance space, which has injected billions of value and economic transfers into the Ethereum network. These commentators add that because DeFi promotes investors to lock up their ETH, prices should be driven higher.
Some, though, are not too sure that Ethereum has value. Bitcoin whale Joe007 commented earlier this year:
“DeFi is nothing but just another marketing ploy by a shadow gang of snake oil salesmen behind Ethereum. It’s obvious they’re trying to create another ICO-like mania. With the same 0 real utility in the real world.”
He added in a more recent comment that ETH is unlikely to reach its $1,400 all-time high ever again.
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum Has Surged 15% in 48 Hours But a Bearish Signal Just Appeared origin »
Bitcoin extended its rise above the $9,600 resistance level against the US Dollar. BTC is currently correcting gains, but it is likely to continue higher as long as it is above $9,500. Bitcoin traded further higher above $9,600 and formed a new weekly high at $9,676.
After consolidating between $9,100 and $9,300, Bitcoin is starting to show some signs of life as its price rallies past $9,400 The ongoing uptrend comes after an extended bout of the cryptocurrency losing its trading volume and momentum due to the uptrends seen amongst many altcoins This latest surge may temporarily change the crypto’s trend, but one top trader is noting that he is planning to short BTC’s high time frame resistance at $9,500 Bitcoin’s […]
Analyst ?Crypto Michael? has tweeted that he expects the bearish take of XRP skeptics to make the potential growth of XRP bigger than the potential further downside
The crypto market has noted unexpected price action in the past week. While Bitcoin continues to struggle to go close to $10K, many altcoins saw their price surge independent of the king coin. EthereuThe post Ethereum users now face 'unreasonably' high transaction fee appeared first on AMBCrypto.
Currently in the green by 1.07%, Ethereum is trading at $224, up 80% YTD. ETH traders meanwhile are expecting more gains with ETHUSD longs on Bitfinex still near all-time highs. This growth has the USD balance of ETH on the crypto exchange nearly doubling this year which is in exact opposite trend with the Bitfinex’s […]
Coinspeaker Top 5 Tech Companies Lost $270 billion During Thursday’s Market ConfusionWith market uncertainty rising yesterday, the top 5 tech companies saw their shares falling. Amid a worrisome surge in new coronavirus cases and a high unemployment rate, the stock market experienced an increase in volatility.
Bitcoin's recent surge over $10,000 has been heaven-sent for many of the market's altcoins, owing to their high correlations ratios with the world's largest cryptocurrency. This was particularly true The post Tezos, BAT, Dash Price Analysis: 02 June appeared first on AMBCrypto.
Coinspeaker Why Bitcoin OTC Trading Is Poised to Surge in Growth in 2020Bitcoin OTC trading is believed to surge in 2020 as today crypto derivatives exchanges provide clients with high transparency ratings and impressive security.
Binance is approaching an all-time high in new user registrations as it continues to expand around the world facilitating crypto trading in different jurisdictions as more countries ease their regulatory framework to adapt quickly to this new era.
Just three hours ago, Bitcoin’s latest block reward halving finally came to pass. Unlike optimists expected, the market didn’t pump in the wake of this event. Instead, BTC is actually down more than 15% in the past three days, having rallied as high as $10,100 on Thursday to only fall to $8,400 as of the time of this article’s writing.
Bitcoin and cryptocurrencies have experienced a massive surge over the past 10 days. After trading in the $7,000s for weeks on end, BTC finally saw a breakout to $9,500 just last week, since settling into a consolidation pattern a few percentage points shy of the high.
Bitcoin spiked over $1,000 to hit a high of $9,455 against the U. S. dollar but has corrected lower in early Asian trading hours. · The intraday price surge was BTC’s best 24-hour move in the past two months.
On 23 April as the market relished in the surging price of Bitcoin [BTC], altcoins also enjoyed a similar trend. Ethereum [ETH], the second-largest coin has been sharing a strong correlation with BitcThe post Ethereum, Bitcoin correlation climbs to new high after sudden surge appeared first on AMBCrypto.
In a sudden and strong move today, the world’s leading digital asset surged as high as $7,756 on Bitstamp. Currently, BTC/USD is trading above $7,500, up 2. 55% YTD. Following bitcoin, altcoins surge higher as well, with Stellar in the lead with nearly 18% gains.
The notorious bitcoin halving is expected to happen in 20 days either on or around May 12, 2020. The anticipation leading up to the event is at an all-time high, as last week worldwide queries for the phrase “bitcoin halving” using Google peaked with a top score of 100.
On March 25, the Bitcoin dominance rate reached a high of 67. 99%, well into an important resistance level. However, it was rejected sharply and has been decreasing ever since. A falling BTC dominance rate indicates that altcoins are surging or decreasing at a slower rate than Bitcoin.
The crypto market since turning bullish right at the start of the week continues to soar. The gains from the last 24 hours have turned from moderate to explosive. Leading the pack is Ethereum. In the last few hours, this token has gone on to surge by as high as 20%. Bitcoin has soared by […]
Bitcoin saw a sharp upwards movement earlier today that allowed the cryptocurrency to surge as high as $6,900, with this rally leading major altcoins like Ethereum to follow suit and further extend the momentum that was first incurred early yesterday.
Bitcoin has once again started to show signs of recovery. In the past hour, the price of the leading cryptocurrency has exploded higher, from the daily low around $9,650 to as high as $9,040, a jump of 3%.
Gold hit a seven-year high overnight as investors hunt for safety. Is this an alarm bell for the U.S. stock market?
The post Dow Sways After Gold’s Surge Sends the Stock Market a Warning appeared first on CCN.com
It’s no secret that Ethereum has been one of the best performing major altcoins of 2020, with its rally turning parabolic after it broke above $200. This parabolic rally – which occurred over the span of roughly two weeks – allowed ETH to surge as high as $290.
Tezos is the cryptocurrency that has the entire market buzzing, after an astounding 190% rally took the price of the altcoin to a new high. Despite such massive gains already this year, a top crypto trader claims that Tezos could still pull another 5 to 10x in the future as the hype around the STO...
Bitcoin extended its rise towards the $10,500 resistance area against the US Dollar. BTC is now showing signs of exhaustion and it could dip a few points before continuing higher. Bitcoin price is struggling to gain momentum above $10,400 and $10,450 against the US Dollar.
Bitcoin price revered losses and climbed to a new 2020 high at $10,406 against the US Dollar. BTC is now eyeing another bullish wave above $10,500 in the near term. Bitcoin is gaining bullish momentum above the $10,000 and $10,200 resistance levels against the US Dollar.
Bitcoin is strengthening as it holds on to gains for another day and inches ever closer to five figures. Once past this barrier a surge higher is almost inevitable as the halving nears. Bitcoin Closing on $10k BTC has pushed higher still, tapping a new four and a half month high of $9,850 during late trading yesterday.
XRP is the talk of the crypto space today, after rallying over 7% in a matter of minutes towards a high of 27 cents per XRP token. The surge is the result of a breakout on both the XRP/USD and XRP/BTC trading pairs, indicating that Ripple will so rally against the dollar and Bitcoin itself.... The post appeared first on NewsBTC.
Believe it or not, Bitcoin is only 53% below its all-time high near $20,000. Ethereum, on the other hand, hasn’t fared so well. The second-largest cryptocurrency, despite the recent rally in the cryptocurrency markets, is still down by over 80% from its all-time high above $1,400, which it reached during the mania of the previous... The post appeared first on NewsBTC.
Bitcoin's price is looking strong and enjoying good greens. Today, we jumped above $9,500, making yet another new high of 2020 and a level last hit in early November. But interestingly, this surge in price has no effect on the HODLers.
Tesla's stock price surged 12% on Thursday after the electric vehicle maker posted better than expected earnings.
The post Tesla’s 12% Surge Is Burning Short-Sellers as Stock Shatters New All-Time High appeared first on CCN.com
Coinspeaker Bitcoin Price Jumps to $9,400 Levels, Hits Its New 2020 and 3-Month HighBitcoin price surge continues as investors move to crypto on the outbreak of the deadly coronavirus in China.
The Dow blazed toward a weekly gain of more than 500 points as U.S. housing market data surged to a 13-year high - and pre-recession levels.
The post Dow Blazes While U.S. Housing Market Data Surge to Pre-Recession Levels appeared first on CCN.com
Since early-2018’s market crash, crypto investors have been waiting for altcoins, digital assets that are not Bitcoin (BTC), to surge higher. Unfortunately for these investors, this hasn’t happened yet, with Bitcoin’s dominance rallied from 33% to a high of 71% last year in 18 months’ time, surging on the deaths of altcoin projects.
Bitcoin has been on an absolute tear over the past few days, with the price of the leading cryptocurrency rocketing as high as $8,910 just hours ago as of the time of writing this article. While bullish, analysts have been waiting for BTC to break past the key $9,000 price point, an important psychological and... The post appeared first on NewsBTC.
Over the weekend, the bitcoin price spiked to as high as $8,200 prior to the highly anticipated weekly close. Despite it being the first strong breakout since November 2019, there was not enough buying demand to push it to higher levels.
Around 12 hours ago as of the time of this article’s publishing, Bitcoin (BTC) closed its weekly candle. Arguably, it was bullish, for over the past seven days, the leading cryptocurrency has lept from $7,300 to as high as $8,450, marking a surge of 15%.
Bitcoin (BTC) has been caught within the throes of volatility over the past several days and weeks, with this turbulent price action leading the cryptocurrency to surge as high as $8,300 yesterday before incurring a significant amount of selling pressure that briefly pushed it below its key support at $8,000.
Bitcoin (BTC) awakened from its post-holiday slump, breaking easily above $8,000. A combination of geopolitical tensions and renewed appetite for trading led BTC as high as $8,360. Bitcoin on Verge of Entering Six-Month Bullish Channel The most recent price move also shifted the analysis of technical indicators, signaling bitcoin may be ready to follow a bullish scenario.
XRP was one of the worst-performing cryptocurrencies throughout 2019, ending the year down over 40 percent. Today, however, bulls have been able to generate significant buying activity that has revitalized the embattled token, allowing it to surge a whopping 12 percent.
For the fourth or fifth day in a row, bulls have taken control of the Bitcoin (BTC) market, pushing the leading cryptocurrency as high as $7,660 just minutes ago, marking a multi-week high. As of the time of writing this, BTC is trading up 3% on the day, actually underperforming Ethereum’s 4% and XRP’s jaw-dropping... The post appeared first on NewsBTC.
Bitcoin corrected by over 50% from the 2019 high of $13,880. The crypto has turned bullish in 2020 according to popular traders.
The post Bitcoin 2020: The Bottom is In and Prices are About to Surge, Several Analysts Claim appeared first on CCN.com
All eyes have been on Bitcoin over the past few hours as it tapped a two week high and monthly resistance. BTC is not the top performing crypto asset at the moment as that accolade goes to Tron. Tron Adds 9% in Crypto Surge Bitcoin dominance may have hit a three month high over 71%.
While Bitcoin saw a 10% jump this week, rallying from the multi-month lows of $6,400 to surge as high as $7,300, there is still a sentiment in the cryptocurrency market that a return to the $6,000s, then a drop to the $5,000s is entirely feasible.
Bitcoin's price noted an unprecedented price surge on 18 December, one wherein the king coin tried to recover 15.95% of its losses. In fact, within a span of nine hours, BTC's price jumped from $6,425The post Bitfinex BTC longs reach all-time high as Bitcoin surges by 15% appeared first on AMBCrypto.
The cryptocurrency market remains mixed in early Friday trade, while the number of BTC/USD long positions continued to surge. Bitfinex long futures surged to a fresh record high at 41,300 contracts, breaking past the previous all-time high set on March 2018.
The latest cryptocurrency investment of a US legislator, who bought Ethereum (ETH) when its price dropped below $3,000, is generating headlines. Representative Michael Collins has reportedly taken advantage of the dip by purchasing between $1,000 and $15,000 worth of Ethereum.
Analysts said that two of the biggest cryptocurrencies in the world are riding on the waves of positive sentiments as the exchange-traded funds of Bitcoin and Ethereum reached record highs. The pro-cryptocurrency stance of US President-elect Donald Trump continues to fuel the positive outlook, propelling BTC and ETH to attain unprecedented levels. Related Reading: Operation […]
On Monday, the State of Michigan revealed substantial investments in cryptocurrency exchange-traded funds (ETFs) for Bitcoin and Ethereum in a 13F filing with the US Securities and Exchange Commission (SEC).
For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as ‘digital gold,’ Ethereum would be ‘digital silver.
According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround.
On-chain data shows the Ethereum adoption rate has hit a four-month high, which could be bullish for the cryptocurrency’s price. Ethereum Network Growth Has Shot Up Recently According to data from the on-chain analytics firm Santiment, the ETH blockchain has recently created many wallets.
Ethereum (ETH) is currently facing significant selling pressure and fear after a 23% decline, bringing its price down to yearly lows at $2,200. One major concern for investors is the ongoing underperformance of ETH compared to Bitcoin, a trend that has persisted since September 2022.