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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Slides 14% In 24 Hours, Bear Div Hints At Deeper Drop Ahead

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
2 mins read
ethereum ethusd

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Few cryptocurrencies have had as explosive growth in 2020 as Ethereum has. The top-ranked altcoin led the market into a recovery in early 2020, and after a revisit to an accumulation range, the DeFi trend helped Etheruem rocket out of lows.

However, today was the first sign that Ethereum’s momentum may be waning, as the second-largest crypto by market cap tanked by over 14% in the last 24 hours. Losses have since cooled off to just roughly 7%, but a bearish divergence forming may indicate that there’s more downside ahead.

Ethereum Drops 14%: Bulls Hang Onto Half Of Gains, But Are At Risk Of Losing It All

Overnight last night and into the morning before today’s regular market opening, the always-on crypto market began to correct. Leading the selloff was Bitcoin and Ethereum, each dropping in a violent move.

Ethereum specifically dropped over 14% from yesterday’s high to today’s low. After setting a new 2020 high yesterday at $490, today’s fall left a wick behind down to $420 per ETH token on some exchanges.

The top altcoin is trading back at roughly $440 at the time of this writing, but a massive daily bearish divergence has formed on the Relative Strength Index, which suggests the correction has only just started.

ethereum ethusd td9

ETHUSD Daily Relative Strength Index Bearish Divergence | Source: TradingView

Top Altcoin Could See Much Deeper Correction, According To Overheated Technical Indicators

According to the Relative Strength Index on daily ETHUSD charts, Ethereum may have a lot more to fall. Ethereum has made a much higher high against the dollar, but the indicator continues to make lower highs. This behavior is called a bearish divergence, and it often forms ahead of a reversal.

Divergences are among the most reliable reversal signals, but they don’t tell you when these reversals will happen. As was seen yesterday, a new high was set before any bearish pressure took over.

But once bears took control, things quickly got out of hand and the correction became violent.

In addition to the divergence on daily timeframes, ETHUSD also triggered a weekly TD 9 sell setup on the TD Sequential indicator with Sunday night’s new weekly open.

ethereum ethusd td9

ETHUSD Weekly TD Sequential and Support Levels | Source: TradingView

The chart above shows just how reliable each of these 9 signals has been in the past, calling most of Etheruem’s most pivotal top formations. Coinciding with a bearish divergence makes the signal even more damning for the smart contract focused cryptocurrency.

If the fall does keep going, Ethereum still has support to test at $390 before risking a retest of past highs as resistance turned support. Below $390, targets could reach as low as $300, $275, and $210 approximately.

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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

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