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Ethereum Classic

Analysts believe Ethereum’s bull trend is “just beginning” despite sell-off

  • Ethereum crashed today despite the strength of Bitcoin
  • ETH’s ongoing decline has sent shock waves across the market, creating a tailwind that has had a detrimental effect on most other altcoins
  • Those strong selling pressures are not easing today, but it’s important to note that an upside is still brewing
  • An analyst points to the ETH Renko chart with a guppy indicator and notices that it appears to be entering a full-fledged bull territory
  • It is imperative that Ethereum pick up again soon and gain ground versus Bitcoin, otherwise it could enter a new downtrend

Bitcoin experienced strong buying pressure overnight which helped propel it towards $ 12,000. Much to the surprise of many investors, this BTC boom did not bode well for Ethereum and all other altcoins.

The entire crypto market – with the exception of Bitcoin – is currently experiencing an incredibly red day that is usually only seen on market-wide sell-offs that also saw Bitcoin drop.

This move suggests that investors are fleeing riskier assets in favor of BTC, and it remains unclear how long this will last.

An analyst is now realizing that Ethereum is “just getting started” – and pointing to an indicator that suggests it is about to start an uptrend.

Ethereum is falling as Bitcoin takes over the market

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

This price action is pretty unusual considering how closely Bitcoin and Altcoins have been correlated over the past few weeks.

It remains unclear whether this is a one-day event or the start of a much wider trend.

Analyst: ETH still has a chance to trigger a real bull trend

While sharing his thoughts on Ethereum’s current outlook, one analyst stated that the uptrend is just beginning.

It indicates a guppy pattern on the cryptocurrency chart, indicating that an upside move is imminent.

“ETH is still firmly in the ‘We’re just getting started’ area,” he said, pointing to the graphic below.

Image courtesy Cold Blooded Shiller. Source: ETHUSD on TradingView.

How the Ethereum trends relative to Bitcoin in the coming days will provide information about whether an upward trend for ETH is imminent or not.

Featured image from Unsplash. TradingView charts.

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