A broadly adopted crypto analyst believes that Ethereum (ETH) and different altcoins are on the verge of a significant market correction.
In a brand new video replace, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that Ethereum towards Bitcoin (ETH/BTC) could also be making one closing transfer to the upside earlier than a market capitulation.
“To ensure that affirmation of [bullishness], you would want to see ETH/Bitcoin get above its bull market help band after which begin holding it as help. And in the event you don’t see that, then I nonetheless assume it’s simply going to be yet one more decrease excessive that everybody as soon as once more received enthusiastic about that in the end resolved to the draw back.”
The analyst additionally says ETH and alts could also be repeating an analogous sample from the final cycle when the TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum and stablecoins, suffered a extreme correction towards Bitcoin.
“Final cycle, the ETH/Bitcoin capitulation occurred, it finalized after alt/Bitcoin pairs broke down.
So one factor about this bounce is that alt/Bitcoin pairs haven’t but damaged down. They haven’t had a weekly shut under their vary low. So I feel that you just’re seeing one thing very comparable with alt/Bitcoin pairs that you just noticed over right here [in June 2019], one closing rally as much as the bull market help band – it didn’t even make it to the bull market help band again then – after which it got here down. I feel you’re seeing one thing like that occur as soon as once more with alt/Bitcoin pairs, one closing push earlier than capitulation all the way down to the vary lows this summer time…
I feel that is the ultimate push earlier than the ultimate capitulation into the summer time, as we get into potential fee cuts.”
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