A crypto strategist who constructed his following after nailing the 2018 Bitcoin (BTC) bear market backside says that Ethereum (ETH) is flashing indicators of bullish exhaustion.
Pseudonymous analyst Bluntz tells his 222,800 Twitter followers that Ethereum could have doubtless printed a bearish decrease excessive setup when it rallied to round $2,000 final week.
Based on a chart shared by Bluntz, he seems to foretell a short-lived rally for ETH within the coming days earlier than correcting all the best way all the way down to $1,700.
“I dunno about y’all however ETH undoubtedly isn’t wanting too crash scorching to me.
Clear five-wave decline, gradual three-wave transfer again as much as the 0.618 Fib the place we had one other savage sell-off.
That is screaming decrease excessive to me.
I feel $1,700 in all probability subsequent cease the place I’ll re-evaluate.”
At time of writing, Ethereum is buying and selling for $1,852.
Bluntz can be maintaining a tally of Binance Coin (BNB), the utility token of the world’s largest crypto alternate. Based on the analyst, BNB appears to be like bearish on each the USD and BTC pairs.
“Fairly key construction is being misplaced on BNB/USD pair and BNB/BTC pair in a monster downtrend already.
Feels just like the market is attempting to cost one thing in on this pair, in all probability an FTX clawback or extra regulatory bodyslams, unsure but it surely doesn’t look too crash scorching to me.”
Bluntz’s chart, he seems to foretell a BNB correction towards the $260 value space. At time of writing, BNB is buying and selling for $313.
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