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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ethereum Rally Stopped at $145 Resistance; Another Bearish Retest?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
ethereum crypto

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Crypto markets lit up yesterday, with Ripple’s XRP leading the charge with an over 12% gain on the day. The buzz around the crypto industry caused other assets to take off, including the first-ever cryptocurrency Bitcoin, and the number two cryptocurrency by market cap, Ethereum.

Ethereum’s rally, however, was stopped abruptly at overhead resistance at $145 – a critical resistance level that must be breached for price action to become bullish. Was the rejection at this level just another bearish retest, or will Ethereum finally break out and surge?

Ethereum Rallies, But Pauses at Bearish Breaker at $145

Ethereum price has been suffering for the last two years straight. Nearly two years ago on this exact day, Ethereum reached an all-time high price of $1,400. Now, the cryptocurrency is trading at prices 90% lower than that.

Related Reading | Crypto Comeback: After Two Years of Bear Market, Bitcoin Crypto May Be Ready To Rebound

Right now, the number two crypto asset is trading at $141, $4 less than the $145 resistance level it reached last night and was rejected from.

$145 is a bearish breaker from a low set in early December 2019. After the cryptocurrency fell below that zone, Ethereum hasn’t been able to hold a daily close above it since.

When Will Suffering End for Ether Holders?

Ethereum is among the few cryptocurrencies that ended 2019 lower than it started the year, as a result of an ongoing downtrend across the crypto market. Few have suffered as bad as Ethereum, however, it isn’t the worst performer of the top ten cryptocurrencies by market cap.

Ethereum and other altcoins have not only fallen significantly in their USD values but have also bled out in their ratios against Bitcoin. Bitcoin dominance rose steadily throughout 2019, wiping any remaining capital left from altcoins and causing mass capitulation.

While Ethereum does continue to suffer, its woes against Bitcoin are bound to reverse, and the altcoin could go on to eventually outperform Bitcoin on its ETH/BTC trading pair.

Related Reading | Bitcoin Price RSI Breakout Could Target $9K Short-Term 

Such a move could kick off an alt season, however, this won’t happen until Ethereum can breach above $145 and move higher. It also depends on what Bitcoin does, as the biggest player in the market often dictates overall market sentiment.

Bitcoin will need to remain relatively stable over the next days in order for Ethereum to have a chance to breach such a key level.

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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.

Read more

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

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