Here’s Why Ethereum Isn’t Bullish… Yet
Edward “Teddy” Cleps, a prominent crypto trader, thinks Ethereum isn’t in a bullish state just yet. The analyst shared the chart below, noting that the recent rally may just constitute a bearish retest as opposed to a bullish breakout :
Chart of ETH's price action over the past few months with analysis by crypto trader Edward "Teddy" Cleps. Chart from TradingView.com
Positive Fundamental Trends
While Ethereum may be stalling due to a slowdown in legacy markets and in Bitcoin, the asset’s fundamentals are still strong. That’s according to a number of cryptocurrency investors and analysts.
Chris Burniske, a partner at Placeholder Capital, recently postulated that Bitcoin and Ethereum will race each other to a $1 trillion market capitalization. That suggests the former ARK Invest crypto-asset analyst sees ETH starting to catch up to BTC’s market value.
He previously mentioned that Ethereum’s on-chain economies and network effects will send it much higher than it is now. He thinks that because much of the public hasn’t heard about Ethereum, they will invest heavily in the coin during this market cycle:
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Why An Analyst Isn't Convinced of Ethereum's Price Action Despite Rally to $375
Originally from Bitcoinist.com https://ift.tt/2FtJTcA
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