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After Surging 25% in 5 Days, Ethereum Forms Sign Last Seen Before March Dump

bitcoinist

19d ago

Nick Chong | Jul 26, 2020 | 07:32

Ethereum’s extremely strong rally over the past week may soon come to an end as a trend indicator suggests a top may be forming.

Although Ethereum’s price action over recent days has convinced many that a bull run is in the works, the trend may be exhausted for the time being.

One trader noted that a private indicator he is using that tracks the persistence of trends is forming a reading last seen before the “March dump.”

“Watch for a local top on $ETH based on 10 day trend persistence.. highest in Feb was 12.30, March dump highest was 12.25, we are currently at 12.21.”

Chart of ETH’s price action since the start of the year with Persistence indicator from trader Joseph (@Josephcrypto on Twitter). Chart from TradingView.com

There are others expecting and other indicators signaling a chance at a retracement in the Ethereum price.

As reported by Bitcoinist previously, the Tom Demark Sequential just printed a sell “9” candle on Ethereum’s chart against Bitcoin. The TD Sequential is a popular time-based indicator that prints “9” and “13” candles at inflection points in an asset’s trend.

Chart of the ratio between ETH and BTC (ETH/BTC) on a macro scale by a Telegram channel tracking Tom Demark (TD) Sequential signals. Chart from TradingView.com

An analyst has also observed that a series of divergences formed on Ethereum’s short-term charts. These divergences suggest that while ETH may be pressing higher, it is forming an underlying bearish trend.

“I am seeing a couple of divergences on ETH, both htf (3D) and ltf (4h) showing up now. But I don’t see them on BTC, 1D 3D fine, slight one on the 4h (to be confirmed)… ETH going to go into an overextension now, maybe a blow off.”

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