Cryptocurrency

Ethereum is a severe correction looming after the rally: How to deep-ETH can now fall? – Coin Update

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Ethereum has risen in the past month, an impressive rally.

The leading Altcoin in the last month, more than 16%, such as from the data of the crypto-market-Website Coin360.com shows. In the same period, Bitcoin has fallen by 4%, while some Altcoins, such as ripple XRP and BSV had to almost lose 10%.

While many have perceived as bullish, start analysts to fear that a correction is looming on the horizon. They cite a confluence of Trends in technical analysis.

Ethereum could correct in the coming days, fear analysts

According to Elliot Wave Analyst Oye Beto, there is Ethereum currently signs that the Coin remains in a corrective pattern that should lead him in the direction of $220.

Ethereum-a bearish Chart, which is divided by the Trader Oye Beto (@OyeBeto_). The diagram shows that the crypto-currency is in accordance with the Elliot-wave analysis, ready to move in the direction of $220.

The Elliot wave analysis is described by Investopedia as follows:

“The Elliot wave theory is a method of technical analysis that seeks to return long-term rate patterns associated with persistent changes in the investor sentiment and psychology.”

However, only Oye Beto in the case of Ethereum is not bearish.

A pseudonymous Trader “commented that investors cry should be in this asset, when the storm hits” and refers to the following graphic.

The diagram shows that ETH outputs two key signals, which the crypto-currency is going down to reverse:

1) the indicator TD Sequential is currently on a “9”candle, which is most often seen in the case of Trend reversals (see the red candle in the chart below);2) the award was rejected in the case of a downward trend that has limited the price action in the last few months. Bearisher Ethereum Chart of the Traders Crypto_ISO

The Trader has not commented on where the crypto-currency, in his opinion, will tend to be – but he thinks $200 for a key value, the to observe it applies. The Trader is that this has worked in the last two years as a turning point for this market.

Also, Bitcoin will fall

In addition to Ethereum also Bitcoin could cut off below average.

The Analyst, who says mid-2018, an all-time low of 3,200 $ to Bitcoin pre-more, recently shared the diagram below with the following comment:

“This is what ethbtc, in my opinion. In the short term bullish it will surpass btc for a few days (meaning, ethusd is the moon) after it makes a new High above 26000 Sats, I think it will surpass it.“

Ethereum-Chart of the crypto trader @smart contracter

The combination of bearish signs on the Charts of ETH/BTC and ETH/USD means nothing good for the prospects of the Altcoins – especially when you consider the fact that the crypto will continue to focus on Bitcoin.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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