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ethereum market cycle
Nexo Logo

Ethereum Matching Market Psychology Roadmap Leads To Bull Run Next

Tony Spilotro by Tony Spilotro
2 years ago
in ETH
Reading Time: 3 mins read
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Unlike Bitcoin that has yet to set a higher high in 2020 over the previous year’s peak, Ethereum’s higher high is a very important sign that a new uptrend is brewing in the crypto market.

In fact, a crypto analyst has superimposed the well-known “psychology of a market cycle” chart over ETHUSD price action from the last several years, and the top-ranked altcoin tracks alongside almost perfectly. But where exactly does this chart suggest the market cycle is currently at, and how soon could the crypto market explode into a new bull run?

Ethereum Marches Along Perfectly To Market Cycle Psychology Chart

During Bitcoin’s meteoric rise to $20,000 in late 2017, the number two crypto asset, Ethereum, ran up right behind it but for very different reasons.

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Bitcoin blew up because of its enormous price tag, combined with it being a new, unheard of technology created by a mysterious person that to this day is still not known. Ethereum, however, was the blockchain on which the crypto industry as we know it today was built on.

Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows

Ethereum is a platform for smart contracts, which can be used to launch new cryptocurrency tokens with a variety of use cases. From this, thousands of new tokens were coined, and as investors bought ETH to exchange for ICOs they hoped would be the next Bitcoin, it, in turn, drove demand for Ethereum – much like we’ve seen recently with DeFi.

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When that demand vanished in early 2018 due to ICOs suddenly being targeted by the SEC, Ethereum prices fell to bear market lows, and so did sentiment. It was referred to as a double-digit “shitcoin,” but this all could have been part of the psychology of a market cycle.

ethereum ethusd

Ethereum Superimposed Over Psychology of a Market Cycle Chart | Source: ETHUSD on TradingView.com

A New Hope: Believe It Or Not, The Crypto Bull Market Could Be Here

Ethereum has been following along the famous psychology of a market cycle chart created by Time and the Wall Street Cheat Sheet, almost flawlessly.

The top formation of the pattern was a lot sharper in Ethereum, but the differences seem to stop there. The entire phase of anger, potentially where namecalling ran rampant, turned into depression, and has become disbelief.

Related Reading | Despite Crypto Rebound, This Analyst Still Expects $20 Ethereum: Here’s Why

After disbelief, investors once again feel hope, then optimism, which very quickly turns into euphoria and it all starts over again.

With Ethereum following the chart so closely, after slightly more disbelief, there could be enough hope in the crypto market once again to fuel optimism enough so that exuberance can bring Etheruem to its next all-time high. With the cycle nearing its completion and ready to begin again, Ethereum’s bull market could very well be here.

Featured image from Deposit Photos, Charts from TradingView
Tags: altcoincryptoDeFiETHethbtcEtherethereumethusdETHUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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