• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
ethereum

History Shows That Ethereum Is on the Verge of a Brutal 6-Month Correction

Nick Chong by Nick Chong
3 years ago
in Ethereum
0

Historical analysis shows that Ethereum is on the verge of a brutal six-month correction after nearly doubling since the start of the year.

Ethereum Is Primed to See a Six-Month Correction

Ethereum is primed to see a six-month correction, despite rallying by nearly 200% since March’s capitulation lows.

An analyst recently shared the chart below accentuating this sentiment. It shows that Ethereum has a pattern where it rallies during the first half of the year, then corrects during the second half.

Should this trend persist, Ethereum is primed to see a six-month correction that will likely bring it back into the ~$100 range.

“If ETH follows its cycle this time then high of the year could be in & we’ve 6 month correction,” the analyst who shared the chart wrote.

Ethereum price analysis
Ethereum price analysis by cryptocurrency trader ‘Edward Morra’ (@edwardsmorra_BTC on Twitter). The chart from TradingView.com

On-chain analytics also show that Ethereum is on the verge of moving lower.

Earlier this month blockchain data firm Glassnode revealed that ETH’s recent price performance has allowed 80% of the cryptocurrency’s total supply to move into a region of “profit.”

This metric is derived by determining the prices at which all Ethereum addresses accumulated the cryptocurrency.

The last time this metric was this high, Ethereum retraced from ~$290 to $88 in the span of six weeks. And the time before that, the cryptocurrency retraced from around $360 to $120 over the course of six months.

Ethereum
Ethereum on-chain metrics shared by cryptocurrency analytics firm Glassnode (@Glassnode on Twitter).

Blockchain data firm IntoTheBlock revealed that three out of seven of its core metrics are currently printing “bearish” signals.

The metrics currently “bearish” are as follows: in the money, which tracks the profitability of holders; large transactions, the number of high-volume ETH transactions; and smart price, which effectively attempts to derive an implied price of ETH by checking order book data.

Bitcoin Is Bearish As Well 

The expectations of an Ethereum correction can be corroborated by equally as bearish Bitcoin analyses.

Charlie Morris, the founder of ByteTree, reported on June 14th that there currently is a convergence of on-chain data showing that prices will dive:

“1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can’t see price holding up. Fair value <$7k,” Morris wrote.

#bitcoin on chain stats are dire. 1 week network velocity down to 454%, 5wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can’t see price holding up. Fair value <$7k. https://t.co/5O82LldYl6

— Charlie Morris (@AtlasPulse) June 14, 2020

A top trader shared those expectations, referencing how commonplace it is for Bitcoin to retrace upwards of 30% during bull markets:

“I’ve been seeing more and more comments saying BTC going down to support is unlikely because that’d be too big a drop. That’s not how BTC works. Retraces are short and vicious. Crashes even more so. 40% down is not unlikely, it’s happened before, it’ll happen again.”

Featured Image from Shutterstock
Price tags: ethusd
History Shows That Ethereum Is on the Verge of a Brutal 6-Month Correction
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

Ethereum (ETH)

Ethereum’s Breakthrough Moment: Experts Predict Trillions In Inflow From Upcoming Spot ETFs

4 days ago
Ethereum

Ethereum Metaverse Game Immortalizes Rapper ‘The Notorious B.I.G.’

4 days ago
Ethereum

Why Did Ethereum Price Reach A New Yearly High?

5 days ago
Ethereum Whale

Ethereum’s Top 10 Whales Now Control 41 Million ETH, A New ATH

1 week ago
Ethereum

Ethereum Exodus: Validators Jump Ship – What’s Driving The Mass Departure?

1 week ago
Ethereum roadmap Vitalik Buterin

Ethereum Founder Buterin Discloses Plans For Major Changes

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Weekend Crypto Watch: Bitcoin, Dogecoin & Borroe...

    3 hours ago
  • Four Reasons Why Investors Have Piled Into $CHMPZ After...

    4 hours ago
  • Decoding Market Strategies With Binance Trade Data

    8 hours ago
  • Ethereum (ETH) and Retik Finance (RETIK) are the only two...

    8 hours ago
  • RETIK VS MATIC – Here’s why the utility of DeFi...

    8 hours 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
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 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.