Ethereum Hasn’t Even Started: 3 Technical Signs Suggest Bull Trend Coming

2020-10-29 13:00

Ethereum has dramatically underperformed Bitcoin over the past two weeks. The coin has gained 13% in the past two weeks while BTC has gained 20%. Analysts think that the gap may begin to close shortly. One trader noted that there are a number of technical signals derived from the Ichimoku Cloud indicator suggesting Ethereum will move higher. Ethereum Forms Pivotal Bull Signals

Ethereum has dramatically underperformed Bitcoin over the past two weeks. The leading crypto asset has gained around 13% as BTC has surged closer to 20%.

Despite this underperformance on a short term basis, analysts think that ETH will soon see an explosion in price appreciation.

One crypto-asset analyst shared the chart below on October 27th. It shows that Ethereum is currently underperforming BTC but may soon catch up due to a number of technical signals. He specifically pointed to three technical signals, derived from the Ichimoku Cloud indicator. These signals are as follows:

Ethereum has retested the flat Tenkan level, which confirms it as support. This level is important for bulls to hold during uptrends. The Chikou is pointing up after the bounce on the Kumo (the cloud). Ethereum’s future cloud has twisted into the green, suggesting a bull trend is forming.

“$ETH hasn’t even started yet: retested the flat Tenkan, chikou pointing up after bounce on Kumo, bullish future (twist). Spot buys done here Ballot box with check. Opening Perps on 1st blue HA candle / break of WF”

Chart of ETH's price action vs that of Bitcoin over the past few weeks with analysis by crypto trader Trading Cyclist (@Fullgastrader) Source: ETHUSD from TradingView.com Likely to Outperform BTC Moving Forward

Despite this, analysts think that Ethereum may outperform Bitcoin moving forward.

Su Zhu, CIO and CEO of Three Arrows Capital, recently shared the following sentiment:

“$BTC going up swiftly is not only not bullish for alts but it’s bearish. reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.”

$BTC going up swiftly is not only not bullish for alts but it's bearish

reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant

— Su Zhu (@zhusu) October 19, 2020

We’ve seen this play out quite well over the past week. As aforementioned, as Bitcoin has rocketed higher, ETH has been lagging.

Ethereum may continue higher, though, once Bitcoin begins to consolidate and capital made in BTC longs begins to cycle down the crypto risk spectrum.

This may not take place for a while, though. Analysts also note that the Bitcoin dominance metric, which tracks how altcoins perform against BTC, is set to move higher.

Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Hasn't Even Started: 3 Technical Signs Suggest Bull Trend Coming origin »

Bitcoin price in Telegram @btc_price_every_hour

Two Prime FF1 Token (FF1) на Currencies.ru

$ 0 (+0.02%)
Объем 24H $0
Изменеия 24h: -0.03 %, 7d: -0.04 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 3.608 (-100%)

past weeks gained ethereum two analysts think

Источник: bitcoinist.com

past weeks → Результатов: 126


Bitcoin Price Drop in Danger As $150,000,000 Worth of BTC Yet to be Cashed Out by PlusToken

Bitcoin is currently stuck at just above $7,000 and hasn’t dropped below this level for the past two weeks. But now might be the time to be cautious because PlusToken scammers might be back in the market, the New York-based firm Chainlysiss said Monday in the wake of a five-month investigation. Researcher Chainalysis released a […]

2019-12-16 20:12


Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

Over the past few weeks, Bitcoin (BTC) has found itself consolidating in the low-$7,000s, holding this key support region as bears threaten the cryptocurrency’s demise. While this consolidation has been bullish, in that selling pressure has abated for weeks, setting the stage for a bullish reversal, a market cycle analysis by a popular crypto trader.

2019-12-15 23:49


Litecoin’s Charlie Lee explains Github inactivity; promises more focus on development side

It has been a monumental year for Litecoin; the silver coin improved its valuation by almost 190 percent since January and the virtual asset also completed its 2nd Litecoin halving last week. However, Litecoin was under the gun over the past few weeks after it was observed that the digital asset recorded almost zero activity […] The post Litecoin’s Charlie Lee explains Github inactivity; promises more focus on development side appeared first on AMBCrypto.

2019-8-11 16:01


Bitcoin Forming Bullish Breakout Pattern; First Time Since 2016, Indicating A Major Rally Potential

The market has turned green after seeing losses for the past few weeks. Bitcoin has jumped above $10,000 currently up 3.15% while trading at $10,800. As we entered into August, Bitcoin price started pumping on the back of Fed cutting down the interest rate for the first time since 2008 recession and US going for […]

2019-8-4 23:12


Bitcoin fork technical analysis: Bitcoin Cash, Bitcoin SV, and Bitcoin Gold

Over the last week, Bitcoin’s trading volume has been fading away. On July 15, it surpassed $25 billion, but over the past few weeks, it dropped to around $14 billion today. As BTC’s volume continues declining, its price seems to have gotten stuck in a $600 trading range between $9,900 and $9,300 without any clear signs […] The post Bitcoin fork technical analysis: Bitcoin Cash, Bitcoin SV, and Bitcoin Gold appeared first on CryptoSlate.

2019-7-31 00:59


BTC Surprises Analysts in an Interesting Market Correction as Short Term Bull Run Surfaces

Yesterday’s market update suggested a continuous dip in line with analysts affirmation that Bitcoin may retest prior support levels after crawling back down below the $10,000 mark. The possibility of Bitcoin taking a downtrend to as low as $8,000 and below was not blind speculation as the past few weeks have shown that the bears […] The post BTC Surprises Analysts in an Interesting Market Correction as Short Term Bull Run Surfaces appeared first on ZyCrypto.

2019-7-27 10:58


Bitcoin Price Analysis - On-chain metrics pull back as Hash rate and difficulty push for record highs

Network mining fundamentals have shown impressive growth in the past few weeks with both hash rate and difficulty pushing new all-time highs. As long as the markets remain bullish, and mining profitability remains positive, miners will likely continue to add hash rate, especially as older ASICs return to profitability.

2019-7-25 15:01


Market Update: BTC Faces Slight Pull Back, Altcoins Significantly Halted As Bear Pressure Intensifies

Bitcoin (BTC) has for the past 7 days had a more static run than it did in the past two weeks before this and today’s current market state is a reflection of this pullback. Unlike when Facebook’s Libra was announced and the big bull skyrocketed by more than 5%, Trump’s unconscious Bitcoin publicity may have […] The post Market Update: BTC Faces Slight Pull Back, Altcoins Significantly Halted As Bear Pressure Intensifies appeared first on ZyCrypto.

2019-7-23 11:50


Silver’s Rally May Be Fueled by Concerns About Bitcoin’s Status as a Safe Haven Investment

Bitcoin and the entire cryptocurrency markets have incurred a severe bout of volatility over the past several weeks and months, which has primarily been in favor of the cryptocurrency’s bulls. Lately, Silver has also been incurring some positive price action, and one analyst believes that this has largely been driven by investors increasingly viewing Bitcoin.

2019-7-22 22:30


Cryptocurrency is Part of the Global Currency War, Says Federal Reserve Branch Head

Cryptocurrency has found itself on the center stage of the global political sphere over the past several weeks, which first began when Fed Chair Jerome Powell compared Bitcoin to gold. Shortly after this, US President Donald Trump shared his thoughts on BTC, which sparked what appears to be a regulatory crackdown on the nascent markets.

2019-7-20 03:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Struggles Below $2,000 As Volume Dries Up And Bears Dominate

Ethereum continues to struggle below the critical $2,000 level, with price losing momentum as volume fades and selling pressure builds. The lack of strong buyer interest leaves the market vulnerable, allowing bears to maintain control while key support levels come into focus.

Ethereum Reclaims $2,000 as ETF Inflows and Upgrade Roadmap Boost Momentum

After weeks stuck below a key psychological level, Ethereum (ETH) surged past $2,000 in a swift rally, pushing prices to $2,158 within a day. The recovery comes after a prolonged period of sideways trading around $1,900 and a broader correction that had pushed ETH more than 60% below its previous peak. Related Reading: Binance Faces […]

Iranians Turn to Crypto as Economic Crisis and Sanctions Deepen

As Iran’s economy continues to strain under heavy sanctions, high inflation, and a weakening currency, many citizens are turning to crypto as an alternative financial lifeline. Related Reading: Bitcoin Tailwind: Cathie Wood Sees ‘Reaganomics On Steroids’ Ahead Recent blockchain data shows a sharp rise in Bitcoin withdrawals and transfers to personal wallets, particularly during periods of unrest and internet restrictions.