• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin price
Nexo

Ethereum Faces a Steep Drop After Rallying to One-Year Highs: Indicator

Nick Chong by Nick Chong
2 years ago
in Altcoin Price, Ethereum
0
  • Ethereum has seen extremely strong performance over the past two months, growing against the dollar and Bitcoin.
  • Before the crash the other day, the price of ETH against the dollar hit $415. And against BTC, the price of ETH reached as high as 0.0347  — a more than one-year high.
  • This extreme strength has been predicated on a number of fundamental trends, including the growth in DeFi and the imminent launch of ETH2.
  • The leading cryptocurrency may see a drop against Bitcoin as per the Tom Demark Sequential, which printed a sell signal. The last time this indicator printed a sell signal, a four-day correction was seen.
  • Certain analysts beg to differ, arguing that it may be ETH that outperforms Bitcoin early in this bull cycle. They cite fundamental developments around Ethereum and the asset’s market structure relative to BTC.

Ethereum Could See a Strong Retracement: TD Sequential

According to a Telegram channel tracking the Tom Demark Sequential, Ethereum is printing a reversal candle on its daily chart against Bitcoin.

The asset has formed a “Sell S-13” as per the sequential, which is a time-based indicator that prints “9” and “13” candles at inflection points in the trend of an asset.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Per the indicator, Ethereum will likely see a correction against Bitcoin in the days ahead. The indicator, importantly, doesn’t predict where the asset will retrace to.

Chart of Ethereum’s price action against Bitcoin over the past few weeks by a Telegram channel tracking the TD Sequential and its signals.
Chart from TradingView.com

Certain Analysts Beg to Differ

Chris Burniske, a partner at Placeholder Capital, is not convinced of the bearish sentiment about ETH/BTC.

The former ARK Invest crypto-asset analyst explained that ETH should naturally outperform Bitcoin due to its market structure:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“Since ETH is more illiquid & higher risk than BTC, it tends to overshoot BTC’s gains in a bull market, ultimately ending up higher than it started in ETHBTC terms… then allowing more BTC to be bought with ETH, and so the cycle continues.”

Since $ETH is more illiquid & higher risk than $BTC, it tends to overshoot $BTC's gains in a bull market, ultimately ending up higher than it started in $ETHBTC terms…

…then allowing more $BTC to be bought with $ETH, and so the cycle continues. pic.twitter.com/HhJDqLH2xG

— Chris Burniske (@cburniske) July 30, 2020

He added that with the recent strength in the price of Ethereum against Bitcoin, the two are “reinforcing each other in bull markets.” This means that “on a long time frame, ETH [is] being set up to continue to gain on BTC.”

This optimism about ETH has been echoed by Raoul Pal, a former Goldman Sachs head of hedge fund sales.

The investing veteran wrote earlier this year that he expects for ETH to outperform Bitcoin in this phase of the market. He shared the chart seen below, which indicates that ETH/BTC was then to see a breakout that favored Ethereum bulls.

ETH/BTC

Bloomberg chart of Ethereum to Bitcoin ratio shared by Raoul Pal

Pal confirmed late in July that he recently acquired exposure to Etherem for the first time ever. He has previously cited the development of the DeFi sector as a reason to be positive about the cryptocurrency.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum Faces a Steep Drop After Rallying to One-Year Highs: Indicator
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Seth Green, the stolen Bored Ape

Seth Green Developed An Animated Show Around His Stolen Bored Ape. Now What?

1 day ago
USDTea

USDTea: A New Stablecoin Backed By Iced Tea Cans Rises Like The Phoenix

2 days ago
GameStop Pushes Start On New Ethereum NFT Wallet

GameStop Pushes Start On New Ethereum NFT Wallet

2 days ago
Balenciaga

Balenciaga To Accept Bitcoin And Ethereum Payments In The U.S.

3 days ago
Phishing

Phishing Criminals Steal $70,000 Using Beeple’s Hacked Twitter Account

3 days ago
Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.