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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Nosedives to $250 in Massive Crypto Market Dump

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

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The highest standards in reporting and publishing
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The number two cryptocurrency by market cap, Ethereum, just experienced a massive dump alongside many other major crypto assets, including Bitcoin and the rest of its altcoin brethren.

Is the 2020 crypto rally finally finished, or is this just another opportunity to buy the dip across the crypto market before further upside in the days ahead.

Ethereum Drops to $250 in Crypto Market Mayhem

Ethereum just lost as much as 10% of its value in a matter of just one hour, as the smart-contract focused altcoin’s rally may finally be finished.

The cryptocurrency has been rallying since the start of 2020 and had been up to over 100% at recent highs since the year first began.

Related Reading | Tezos & Ethereum: These Top Performing Altcoins Flash Dangerous Sell Signals

But the number two cryptocurrency by market cap has struggling to set a new high, and after this latest collapse that wiped out 10% from the value of Ethereum, it’s starting to look like the crypto bull market is taking a quick break.

In a matter of an hour, Ethereum fell from highs around $286 to as low as $250, before finding support.

ethereum price chart

The current local high of the entire rally is set at $290, failing to reach its 2019 high of $364.

Resistance from $285 all the way up to $300 may have proven to be too powerful for bulls to break through.

Bearish crypto traders may have the high volume, top-like reversal they were looking for, however, the drop failed has thus far failed to set a lower low on daily timeframes.

On Sunday, Ethereum dropped to $236 before rebounding back toward local highs.

But the rally has thus far failed to hold and was rejected back down to find support.

Is the Crypto Rally of 2020 Over?

At the time of this writing, $250 is holding strong, and Ethereum has already rebounded, but additional downside cannot be ruled out.

After over 60 days of uptrend and 100% gains, a retracement isn’t out of the question, although some crypto analysts are claiming that it make take weeks or months to occur.

Many indicators confirm that at a new crypto bull market is here, however, that doesn’t mean massive crashes still can’t cut rallies down to size at every turn.

Related Reading | Crypto Market Crash: This Technical Structure Puts End to Uptrend

This latest turn for Ethereum could result in new lows being set, or if a bull market is in effect, dips will be bought with fury and speed, and in no time at all, Ethereum will be back to setting new locals highs.

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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

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