Chief Market Strategist Watching Possible W-Bottom Formation In Ethereum

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,227,465,521,001	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,227,465,521,001

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	192.23	0.31%	62,526.58	62,526.57	62,526.58

Price Change

Price Change %

Current Price

Bid Price

Offer

192.23

0.31%

62,526.58

62,526.57

62,526.58

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,013.05	62,100.18	62,384.32	62,334.35	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,013.05

62,100.18

62,384.32

62,334.35

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:00:33	0.001000	62,526.58	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:00:33

0.001000

62,526.58

USD

Price x Volume	Volume	Base Symbol	Related Pairs
109,475,160.33	1,747.96	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

109,475,160.33

1,747.96

Chief Market Strategist Watching Possible W-Bottom Formation In Ethereum

02/08/2021 8:00pm

NEWSBTC

According to a chief market strategist, Ethereum could form a possible w-bottom, an indicator that usually suggests a bull market. Strategist: Ethereum Might Form A “Higher High” In a call with MarketWatch, Matt Maley has said that ETH could be moving in a bullish direction if certain conditions are met. Maley is a chief market strategist at Tabak and Co., and during the call with MarketWatch, the strategist has talked about Bitcoin and Ethereum. According to Maley, the 200 Daily Moving Average (DMA) is an important level, breaking above which would be bullish for the crypto. At the moment, this value is around $2,141, something ETH has already broken. Ethereum could then go on to break $2,880, the same value as the high from late May-early June, to form an indicator called the “higher high”. The crypto has already formed “double bottoms” and a minor higher high. ETH only needs to form a more important higher high now. According to Maley, something like this would be “particularly bullish” for the cryptocurrency. However, one thing to note is that ETH is somewhat overbought right now, based on the Relative Strength Index, which is an indicator that measures the ratio of the recent losses to recent gains. Related Reading | TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase When ETH is said to be overbought, it means the cryptocurrency is believed to be trading above its fair value. Investors “overbuy” without any investment rationale, and the price goes up. Usually, a phase of overbought is followed by a selling period. ETH Price At the time of writing ETH’s price floats around $2.6k, up 12% in the last 7 days. Over the past month, the cryptocurrency has amassed 19% in gains. Below is a chart that shows the trend in the price of Ethereum over the last 6 months. ETH continues to enjoy the upwards trend | Source: ETHUSD on TradingView As the graph shows, the crypto has been on an uptrend since 20 July. On a closer examination of the graph, it becomes apparent that the coin seems to be forming a “W” where the first peak was the earlier mentioned $2,880 point, with the first bottom following soon after in the third part of June. Related Reading | Ethereum Breaks 200,000 Validators Milestone, Over $14 Billion Now Staked In ETH 2.0 After that, ETH forms a smaller peak early July, and another bottom on the aforementioned 20 July. Now, if ETH continues to follow the uptrend, it will return to the point of the first peak. This is the important “higher high” that’s needed for a bullish trend. However, it’s unclear whether Ethereum can break that level as the crypto is slightly overbought right now. The price could go down if investors decide to sell before the higher high is made.

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