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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Fractal From 2019 Says 2020 Top In Crypto Could Be In

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
Ethereum crypto altcoin fractal

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Ethereum is at a pivotal, make or break it moment. While Bitcoin has set a higher low, Ethereum’s higher high implies things are a lot more bullish for the altcoin.

But could a fractal matching the trajectory of the 2019 crypto rally and top hint that the top for the year is in for altcoins?

Top Altcoin’s Higher High Could Be 2020 Top If Patterns Repeat

Litecoin’s halving took the industry out of bear market lows and help to begin the long thaw out of the extended crypto winter. Although altcoins led the rally, Bitcoin eventually stole the limelight, and all the capital out of the crypto market.

During 2019, Bitcoin exploded from $3,200 to $14,000 in just over three months flat. Along the way, Ethereum rallied also, but performed poorly compared to Bitcoin and others.

Related Reading | Eerie Bitcoin Fractal Suggests Ethereum’s Price Is About To Explode Higher

The leftover negative sentiment surrounding the ICO fallout kept Ethereum prices at bay, Sudden fears of regulation spreading due to a change in Binance allowing US customers to trade on its flagship promoted and altcoin apocalypse.

Ethereum fell from a high of $370, back down to $10 higher than its bear market bottom at $80. Now, the top ranked altcoin is trading at the exact same price in an eerily similar pattern.

Could the top of 2020 already be in?

 ethereum ethusd fractal

ETHUSD Weekly 2019 Versus 2020 Fractal Comparison | Source: TradingView

Ethereum Fractal Targets $150, But This Time Could Be Different

A fractal taking place two years in a row on ETHUSD price charts could suggest another deep fall for the altcoin and potentially the entire crypto market.

Bitcoin very well could get caught up in any selloff, or another rally like last year could keep the top crypto asset pumping while the rest of the market dumps in exchange for BTC.

Alts would see another apocalypse, and could be in danger of new lows. Some may go to zero.

The big difference this time around, that could cause the fractal – as similar as it is – to play out differently. The previous top is currently acting as resistance turned support. Ethereum is now trading at that same level, but after a fall from $490.

 ethereum ethusd fractal

ETHUSD Weekly 2019 Versus 2020 Fractal Comparison | Source: TradingView

The same percentage drop from $490 as the asset fell from $370 the year prior, would result in a retest of support back at $150.

Related Reading | DeFi Effect: Ethereum Network Grows 25% In 2020, Most Addresses Profitable

With how bullish the DeFi space has been, a drop like that in Ethereum seems unlikely. But with risk of the US election, and a stock market bubble bursting potentially dragging down crypto, anything is possible.

Another fractal where the second-ranked crypto asset follows Bitcoin, could also say otherwise.

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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