Analysts Think Ethereum’s Bull Trend is “Just Getting Started” Despite Selloff

  • Ethereum has plunged today despite the strength seen by Bitcoin
  • ETH’s ongoing descent has sent shockwaves throughout the market, creating a tailwind that has adversely impacted most other altcoins
  • This intense selling pressure isn’t showing any signs of letting up today, but it is important to note that there’s still a chance that an upside movement is brewing
  • One analyst is pointing to ETH’s Renko chart with a Guppy indicator, noting that it appears to be entering full-fledged bull territory
  • It is imperative that Ethereum rallies soon and gains ground against Bitcoin, or else it could enter a fresh downtrend

Bitcoin saw a sharp influx of buying pressure overnight that helped send it up towards $12,000. Much to many investors’ surprise, this BTC upswing did not bode well for Ethereum and all other altcoins.

The entire crypto market – excluding Bitcoin – is currently seeing an incredibly red day, which is only typically seen during market-wide selloffs where Bitcoin drops as well.

How To Get Free Crypto  

This move indicates that investors are fleeing higher risk assets in favor of BTC, and it remains unclear as to just how long it will persist.

One analyst is now noting that Ethereum is still “just getting started” – pointing to one indicator that suggests it is on the cusp of starting a bull trend.

Ethereum Declines as Bitcoin Takes Charge of the Market 

At the time of writing, Ethereum is trading down 3% at its current price of $367. This is around the price at which it has been trading throughout the past few days but marks a sharp decline from its recent $382 highs.

This price action is quite abnormal, considering how closely correlated Bitcoin and altcoins have been over the past few weeks.

Coinbase Banner  

It remains unclear as to whether or not this is a single-day occurrence or the start of a much farther-reaching trend.

Analyst: ETH Still Has a Chance of Starting a Real Bull Trend

While sharing his thoughts on Ethereum’s present outlook, one analyst stated that its bull trend is just getting started.

He points to a guppy pattern on the cryptocurrency’s chart, indicating that a push higher is imminent.

“ETH still sitting firmly in ‘we’re just getting started’ territory,” he said while pointing to the below chart.

Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.

How Ethereum trends relative to Bitcoin in the coming few days should provide insight into whether or not a bull trend is imminent for ETH.

Featured image from Unsplash.
Charts from TradingView.

Go to Source
Author: Cole Petersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.