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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Doji Forming On Ethereum Monthly Hints At Investor Indecision

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
ethereum indecision doji uncertainty

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Ethereum, like Bitcoin and other assets following the Black Thursday collapse, have made a strong recovery and regenerated most of the gains lost during the epic selloff.

And while things have been looking positive for Ethereum, a doji forming on monthly timeframes shows indecision among investors. But this isn’t always a bad thing and has led to further upside in the past.

Ethereum Investors Showing Indecision, Will The Number Two Crypto Rise or Fall?

Ethereum kicked off 2020 with a powerful rally. After nine consecutive weeks of bullish price action and green candle closes, the number two cryptocurrency by market cap had increase by over 100%.

But then Black Thursday happened and high-risk assets like Bitcoin, Ethereum, and many other crypto assets were dumped alongside stocks, precious metals, and everything else that could be sold.

Related Reading | Over 359 Companies Are Building The Future On Ethereum 

The mad dash for liquidity resulted in a catastrophic collapse across all markets.

Since then, Ethereum has been struggling to reclaim highs traded at just before the fall. Over the last month, the smart-contract focused crypto asset has made a steady climb, but has seen some pullback in recent days.

Investors are showing indecision, which can be seen in the formation of a doji candlestick on the May monthly candle on Ethereum price charts.

ethereum ethusd eth doji crypto

Doji Candlesticks Explained And How It May Impact ETH Prices

Doji candlesticks show that indecision is present in the market, and buyers and sellers are demonstrating a similar amount of strength.

Dojis occur when price action closes at the same value it started at around open. Most often, there are wicks or shadows to the upside and downsize, showing a push from both buyers and sellers that ultimately went nowhere.

ethereum doji price chart monthly ethusd

These candles are rare on the highest timeframes. Two previous monthly candles have closed with a similar shaped green doji.

One was just before the final push that brought Ethereum to its all-time high in late 2017. The most recent one, was in late 2019, just before a major, two month drop.

Related Reading | Double Dragon: Is Ethereum Ready For Violent Reversal?

Ethereum price is currently trading at just above $200. Losing the level could cause the asset to retest lows. Alternatively, a break higher could cause the asset’s price to soar. It also could mean a bigger push for the rest of the crypto market as well, as Bitcoin consolidates below key resistance.

An abundance of long interest is working against the asset currently, but growth in DeFi and the upcoming ETH 2.0 launch could provide the bullish momentum the battered crypto asset needs to make a strong recovery towards all-time high.

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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

Ad discliamer

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