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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Chart Makes It Clear: Altcoin Season Is Already Over

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
ethereum crypto altcoin season

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All throughout the crypto market, small-cap altcoins going on massive rallies brought back the return of talk about an impending altcoin season. However, a pair of coinciding sell signals triggering on Ethereum price charts likely brings what little, short-lived alt season that did take place to a conclusion already.

Bitcoin and Other Major Crypto Assets Lead The Rest of The Market

Although it has been primarily small-cap cryptocurrencies that have been going wild with returns over the last couple of weeks, it is still large-cap “majors” like Ethereum, XRP, and Litecoin that lead the rest of the crypto market, particularly altcoins.

These top crypto assets by market cap also ebb and flow based on their relationship with Bitcoin.

Nearly every altcoin on the market shares one half of a trading pair with not only USD but BTC. Due to this, analysts pay close attention to not only altcoin/BTC trading pairs but overall Bitcoin dominance.

Related Reading | BTC Dominance Signals Abrupt End to Crypto Altcoin Season 

While USD trading pairs often provide analysts with information on the overall health of the crypto space and Bitcoin itself, BTC trading pairs give a better sense of how altcoins will perform relative to the first-ever cryptocurrency.

Ethereum being next in line in the top ten crypto assets by market cap and the most important altcoin often sees it serving as the gatekeeper in terms of alt gains against BTC.

When Ethereum surges against Bitcoin, the rest of the altcoin space usually goes on a run and vice versa.

ethereum ethbtc bitcoin price chart altcoin season crypto

Altcoins in Danger as Ethereum Shows Weakness On ETHBTC Trading Pair

On the ETH/BTC trading pair, Ethereum price charts show a bearish picture overall for altcoins.

Not only has the number two ranked, smart-contract focused cryptocurrency triggered a TD 9 sell setup on daily price charts, but the 9 candle closing at the current level will have confirmed a bearish top reversal formation according to the study of Japanese candlesticks.

While the candle formation doesn’t perfectly match any of the typical reversal patterns, the setup is the same. A strong, green candle leading to a doji that shows indecision, followed by bears pushing prices back to below where things started.

The red candle must close 50% through the initial green candle to be confirmed as a valid formation. Moves like this completely erase all short-lived gains and often signal an extended change in a trend.

Related Reading | Crypto Analyst on Ethereum Downtrend: New Lows and Capitulation Are Coming

The TD 9 sell setup on the ETH/BTC pair only makes things worse for Ethereum and other alts. The highly accurate signal called Bitcoin’s $20,000 top, $3,200 bottom, and even triggered just ahead of the Black Thursday market crash that set records for among the worst drops ever experienced.

With a bearish reversal candlestick formation and a sell signal issued, all while a buy signal triggers on BTC dominance points to alt season being put off for a little while longer.

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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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