NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Ethereum Analyst Predicts Record High against Eerie Bearish Setups

Yashu Gola
Yashu Gola
4 years ago
2 mins read
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

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.

Ethereum’s native token ETH fell by more than 20 percent from its session high of $1,350 on profit-taking sentiment. While technical indicators point to further correction lower, one analyst believes the second-largest cryptocurrency could hit its record high levels in the sessions ahead.

The pseudonymous entity rested his bullish setup on one condition: that the ETH/USD exchange rate closes above the $1,116-$1,140 range first. Then only, the pair would be able to confirm an extended rebound towards $1,420, its all-time achieved in January 2018.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum trade setup, as presented by KongBTC. Source: ETHUSD on TradingView.com

Rising Wedge

ETH/USD formed a local support level near $1,000 ahead of the US trading session on Monday. The pair experienced a pullback albeit meager trade volumes that suggested traders may want to continue selling the Ethereum token further. Meanwhile, it appeared that ETH/USD’s possibility of logging a full-fledged retracement lies near $919.

That is because of a technical indicator known as the Rising Wedge. In retrospect, it is a bearish reversal pattern that appears when an asset trends upward while leaving behind a sequence of higher highs and higher lows. Ultimately, the price breaks out of the pattern to the downside, falling to as low as the maximum Wedge’s height.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Rising Wedge setup sets breakout target near $919. Source: ETHUSD on TradingView.com

Ethereum formed a similar Wedge as it jumped from $924 to $1,420 in the first week of January. Meanwhile, the cryptocurrency broke out of the pattern at around 0000 GMT on Monday, accompanied by a spike in volumes. That raised its possibility to reach the Wedge target near $919.

ETH Pitchfork Pattern

More bearish warnings came from Josh Olszewicz, an independent cryptocurrency market analyst. The chartist highlighted his go-to pitchfork pattern, showing that Ethereum might have topped out its recent high. That indicated an extended downside correction for ETH/USD.

“[The pair] is looking for a dip to [middle line], 200-day EMA, and yearly pivot over next few months ~500-530,” said Mr. Olszewicz.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum Pitchfork setup sets the downside target near $500. Source: ETHUSD on TradingView.com
Ethereum Pitchfork setup sets the downside target near $500. Source: ETHUSD on TradingView.com

The bearish analogies appeared despite a growing bullish bias for the cryptocurrency industry as a whole.

With US president-elect Joe Biden confirming that his administration would expand the size of their coronavirus stimulus package by trillions of dollars, traders anticipate the US dollar would lose its value further. As a result, safe-haven assets like gold and Bitcoin would continue their uptrend.

Ethereum, which correlated positively to the Bitcoin market, expects to rise higher alongside the top cryptocurrency.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

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.

Related News

Dogecoin

Dogecoin Market Cap Tests Multi-Year Ceiling, Long-Term Momentum Still Intact

Dogecoin’s higher-time-frame structure is starting to look constructive again. In a technical analysis posted on X, crypto analyst EtherNasyonaL noted...

Scott Matherson 12 hours ago
XRP

XRP: The Catalyst For ‘Humanity’s Greatest Shift’ By 2030 —Analyst

Crypto influencer Coach JV has reiterated his long-term faith in XRP and other digital assets, saying the current moment marks...

Christian Encila 13 hours ago
Ethereum

Ethereum Rebounds From Bull Market Support: Can It Conquer The ‘Golden Pocket’ Next?

Ethereum is showing renewed strength after rebounding from its Bull Market Support Band, a key zone that has historically served...

Godspower Owie 1 day ago
Load More

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.

Related News

Ethereum Price Poised for a Comeback

Ethereum Moves Higher — Buyers Strengthen Grip Amid Renewed Market Optimism

Aayush Jindal 19 minutes ago
XRP

XRP/BTC Retests Six-Year Breakout Trendline, Analyst Calls For A Decoupling

Scott Matherson 7 hours ago
Ethereum

Ethereum Whales Start Buying Back: 218K ETH Added In A Week After October Dump

Scott Matherson 11 hours ago

Premium Sponsors

Press Releases

  • リップル 今後 の価格見通し:強気のH&Sパターン出現、次の目標は5ドルか?

    リップル 今後...

    10 hours ago
  • シバコイン 今後 の価格予測:保有者数154万人を突破も、主要サポートラインに下落圧力

    シバコイン 今後...

    12 hours ago
  • パイネットワーク 価格 が安定化、KYC認証336万人突破でエコシステム拡大

    パイネットワーク 価格...

    12 hours ago
  • イーサリアム 今後 の価格見通し:3,800ドルを維持、今が買い時か?2025年に5,000ドル到達の可能性

    イーサリアム 今後...

    12 hours ago
  • ビットコイン 今後 の懸念:量子ジレンマが深刻な弱気相場を招く可能性

    ビットコイン 今後...

    17 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.