Your favorite crypto news blog

Ethereum’s Multi-Year Correction May Soon Draw to a Close, Claims Analyst

Altcoins 2019/11/26 00:00 by Cole Petersen

Ethereum has been closely mirroring Bitcoin’s price action over the past several days and weeks, which led ETH to plummet in a capitulatory fashion yesterday evening before posting a strong bounce overnight that allowed it to reclaim its position within the $140 region.

One analyst is now noting that Ethereum’s multi-year bear trend may soon come to an end as it expresses multiple signs that may point to hidden underlying bullishness that will ultimately lead it to surge significantly higher in the mid-term.

Ethereum Posts Bullish Response to Recent Lows

At the time of writing, Ethereum is trading up roughly 1% at its current price of $147.75, which marks a massive climb from its daily lows of $132 that were set during a bout of capitulation last night.

This bullish response to these lows came about concurrently with Bitcoin’s surge from lows of $6,500 to its current price of $7,200, and it is highly probable that Ethereum will continue mirroring BTC’s price action in the near-term.

Today’s bounce may also confirm the notion that ETH was close to posting a long-term bottom against its Bitcoin trading pair.

Jonny Moe, a popular cryptocurrency analyst on Twitter, had mused this possibility prior to yesterday’s drop and subsequent recovery, and this latest price action may validate this idea.

“Possible bottoming attempt on $ETH on the $ETHBTC pair. Interested to see how this plays out,” he said while pointing to the chart seen below.

Could ETH Soon End its Multi-Year Downtrend? 

Bitcoin Jack, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Ethereum could be close to putting a decisive end to its multi-year downtrend, meaning that significantly further gains could be right around the corner for the embattled crypto.

“Am I a delusional $ETH bull? I’m seeing a 800+ day correction coming to an end,” he said while pointing to the chart seen below.

Within this chart, Bitcoin Jack points to a few pieces of evidence that support this notion, including the fact that ETH recently posted a channel breakout, the inverted head and shoulder formation it is forming, its upcoming cyclical pivot, and large bullish divergences in its price action.

Bitcoin’s near-term price action will likely have a large sway on that of ETH, but investors should closely watch for any Ethereum bullishness in the near-term, as it could confirm Bitcoin Jack’s analysis.

Featured image from Shutterstock.

The post Ethereum’s Multi-Year Correction May Soon Draw to a Close, Claims Analyst appeared first on NewsBTC.

1 Like(s)

You should also read...

Altcoins 24/11/19 22:30 by Cole Petersen
Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims Analyst
Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be high...
Read More
Altcoins 30/11/19 22:30 by Cole Petersen
Will Ethereum’s Fundamentals Propel it Higher? Analysts are Conflicted
Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, with BTC leading ETH to put some significant distance between its current price levels and recent lows...
Read More
Altcoins 22/04/20 22:40 by Cole Petersen
Ethereum Leads Market Surge After Posting Ultra Bullish Technical Breakout
After a short bout of bearishness that led Ethereum to retrace nearly all of the gains that were incurred as the result of its recent rally, the cryptocurrency has now been able to post a notable tech...
Read More
Altcoins 28/04/20 03:00 by Cole Petersen
Here’s How Far Ethereum Could Drop if it Confirms an Ultra Bearish Technical Pattern
Ethereum, like most of its peers, has incurred a slight amount of selling pressure today that has led it to decline from highs of just under $200 that were set yesterday. This tempered move lower come...
Read More
Altcoins 05/05/20 17:21 by Ali Martinez
Bitcoin’s 2016 Fractal Shows Ethereum May See 6000% Rally by 2023
A prominent analyst within the crypto community suggested that Ethereum’s price action seems to resemble the way Bitcoin was behaving between 2015 and 2018. Under such circumstances, the chartist im...
Read More