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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) May Be Forecasting 50% Drop Against Dominant BTC

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
ethereum eth btc

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For over two years now, Bitcoin has been outperforming altcoins like Ethereum and others. BTC dominance has continued to climb as a result.

However, Ethereum may be forecasting another 50% drop on the ETHBTC trading pair that could bring dominance back to pre-bubble levels.

ETHBTC Points To Dangerous Ethereum Drop Against Bitcoin

In early 2020, Ethereum vastly outperformed Bitcoin due to surging interest and buzz surrounding decentralized finance.

Talk of the 2020 launch of ETH 2.0 kept bullish momentum high enough for a record-setting nine full weeks of consecutive green candles.

Related Reading | Nearly 2% of the Ethereum Supply is Margin Long on Bitfinex, But Why? 

But a doji on monthly price charts for ETHUSD suggest investors are feeling indecisive.

On the ETHBTC trading pair, things look even worse. A long-term channel has formed, as can be seen below in the pitchfork tool.

Pitchforks are broken into four distinct quadrants. The way traders utilize this tool, is by watching for a break or rejection of one of the four quadrants.

For example, if price is rejected from the lowest quadrant, it suggests that a test of one of the upper three quadrants is next.

Ethereum’s top at over 0.15 BTC on the ratio kicked off the pitchfork channel, which then fell through each quadrant, bouncing off the bottom.

ethereum bitcoin ethbtc altcoin

Remaining bullish sentiment surrounding altcoins caused a second surge to the top of the tool, which was rejected back into the second-highest zone.

Related Reading | Doji Forming On Ethereum Monthly Hints At Investor Indecision 

Since then, Ethereum has been trapped within the two middle quadrants. The altcoin made two more attempts recently to break up into the top quadrant but has been rejected twice now.

As explained earlier, rejection from the middle-top quadrant could lead to retests of the lower two quadrants.

The bottom of the lowest quadrant happens to line up well with untested support from late 2016 and early 2017 before the crypto hype bubble kicked off.

This area could act as the final bottom for ETHBTC before the smart contract-focused altcoin finally plays catch up against the first-ever cryptocurrency.

This represents another over 50% drop from current levels at 0.0225 on the ratio, to as low as 0.0075.

By comparison, Bitcoin remains down slightly over 50% from its all-time high, while Ethereum is down by 85%.

At the height of the crypto bubble, the ICO boom drove Ethereum prices to as high as $1,400 per ETH token. To revisit such highs, the top altcoin would require an over 550% return on investment to make a full recovery.

Some crypto analysts claim that Ethereum and other altcoins may never revisit all-time highs, even if Bitcoin reaches prices of $100,000 per BTC in the future.

The math adds up. If Ethereum does indeed fall to that level on the ratio, and Bitcoin did reach levels of $100,000 per BTC at the same time, each ETH token would be priced at $750. This would still represent an over 300% climb for the second-ranked crypto asset.

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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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