Dead Accurate Sell Signal Sets Up Ethereum For Epic Drop Against Bitcoin

Tony "The Bull" Severino

1 year ago

2 mins read

ethereum dead accurate sell signal td sequential ethbtc ethusd bitcoin

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Upon checking crypto Twitter, cryptocurrency sub-Reddits, and elsewhere in the crypto space, investors are exceptionally bullish on Ethereum compared to Bitcoin. Long positions in Ethereum continue to skyrocket, and the amount of ETH locked up in DeFi grows by the day.

Yet a dead accurate sell signal has just triggered on both ETHUSD and ETHBTC price charts that suggest the largest altcoin in the space is soon going to see a strong correction.

Ethereum Remains 82% Down From ATH, While Bitcoin Trades Halfway To Record

Ethereum continues to struggle with resistance at $250, much like Bitcoin fails to hold above $10,000 per BTC.

Ethereum, however, remains down 82% from the asset’s former all-time high set, while Bitcoin sits pretty at nearly a full 50% recovery. The asset set the record just as the crypto bubble began to burst in January 2018.

The price per ETH token then collapsed to as low as $80. Current prices represent an over 200% return, but another 475% would be needed to get back to the record of over $1,400.

The upcoming ETH 2.0 launch, a massive surge in the growth of decentralized finance, and general bullish sentiment surrounding the altcoin caused a powerful, nine-week-long rally to kick start the new year, but Black Thursday sent ETH prices tumbling back toward lows.

TD 9 Triggers Sell on ETHBTC, Coinciding With High Timeframe Signals

Ethereum also fell over 85% on the ETHBTC trading pair from the January 2018 peak. Since that bottom on the crypto to crypto trading pair, the second-ranked crypto asset has grown by over 54%.

That meager recovery is now in jeopardy, as the TD Sequential indicator has issued a 9 sell setup on the ETHBTC trading pair.

The recent Bitcoin crash saw capital flow into altcoins, but this dead accurate signal may be an omen that things could soon get worse.

Indecision candles on the total altcoin chart paired with Bitcoin are visible on the weekly and monthly timeframes, suggesting that investors are at an impasse and aren’t sure where prices are headed.

Adding insult to injury, the same signal has appeared on the ETHUSD pair.

Considering how accurate the TD 9 signal has been recent, there’s a strong possibility that prices will soon be headed down, both in terms of USD and BTC value.

The TD Sequential indicator was designed by Thomas Demark, and recent signals triggered across Bitcoin and other crypto assets on the weekly immediately led to a selloff on Monday as the new weekly opened.

The same signal also called Ethereum’s top in January 2018 on the ETHUSD trading pair. Given the signal’s accuracy in the past, a drop in the days ahead is probable.

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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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.

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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.