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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Crypto Analyst: Ethereum Has Bottomed, Expected To See Extended Rally

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
ethereum crypto bitcoin

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2019 has been the year of Bitcoin, while altcoins like Ethereum, Ripple, Litecoin, and others have continued to suffer and fall further from their all-time high prices set back at the height of the crypto hype bubble in late 2017 and early 2018.

But according to one crypto analyst, Ethereum may have bottomed and an extended bullish rally may be ahead as the second-largest crypto by market cap catches up on ground it lost against Bitcoin during the year.

Ethereum Primed for Parabolic Rally After Pullback Following Disbelief Phase

At the start of the year, the entire crypto market appeared to be rebounding out of the crypto winter it had long been trapped in and started showing signs of a bullish uptrend forming once again. But starting in April, Bitcoin and altcoins like Ethereum diverged, and the alternative crypto assets began to plummet even further, erasing what little gains had amounted during the year thus far.

Related Reading | Alt Season 2.0: Ethereum and XRP Post 20% Gains, Litecoin and More Up 10% 

Since then, Bitcoin sucked the life out of the altcoin market, including Ethereum, and only now that Bitcoin is once again falling too are altcoins beginning to show a glimmer of hope that their ongoing downtrend may finally be coming to an abrupt end.

Expecting parabolic price growth to start on $ETHUSD in about 5 days from now

Bottom should be in and breakout of consolidation pattern is getting closer

It price can follow this path, it will be blazing

— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) October 14, 2019

According to one popular crypto industry analyst, that is true for Ethereum, which may have bottomed and is ready to break out of a consolidation pattern it has been trading in. The crypto analyst also expects Ethereum to go on to experience “parabolic price growth,” on the ETH/USD trading pair.

ETH Prices Could Revisit All-Time High in Less Than One Year

After fully bottoming in December 2018 along with the rest of the market, the crypto analyst says that Ethereum has just experienced its first pullback after the disbelief stage, and following that phase in normal market cycles typically comes a revival of hope that ultimately becomes a full-blown bull market.

If Ethereum has indeed bottomed and has just confirmed former resistance as support during a pullback ahead of a rally, the analyst believes that not only will the smart contract-focused crypto-asset rise in the coming days ahead, but could revisit its all-time high of over $1,400 per ETH within less than one year’s time.

Related Reading | Ethereum, XRP, Litecoin and Other Large Cap Altcoins Poised For 20% Breakout 

Such performance in Ethereum markets would result in an over 650% return on investment from current prices of $180 per ETH to the asset’s previous all-time high of $1,400 it set at the start of 2018 – before the bear market took hold and eliminated as much as 99% of the value from most altcoins – including Ethereum.

Ethereum, like Bitcoin, often moves the entire crypto market and an extended rally for Ethereum may also mean an extended rally in the overall crypto market may be around the corner.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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