Ethereum started off 2020 as bullish as can be, outperforming BTC and other crypto assets by a large margin.<\/p>\n
The top altcoin in the crypto market may soon make a massive 95% move against Bitcoin, according to one analyst, but the direction of that move is still up in the air, although theyre leaning heavily toward a chart pattern formation resolving to the downside.<\/p>\n
Following the boom in the decentralized finance movement in late 2019 and early 2020, all signs pointed to Ethereum going on a powerful rally.<\/p>\n
The altcoin kicked off the year with an over 100% rally, doubling in price and helping to lead the rest of the market toward what are now in hindsight the years highs.<\/p>\n
Related Reading | Ethereum Sets Record for Most Bullish String of Weekly Price Action Yet<\/p>\n
Ethereum and other altcoins not only broke out of their downtrends on their USD pairs, but they also saw a breakout against Bitcoin on BTC pairs.<\/p>\n
The latest price action has caused Ethereum to form a massive, multi-year symmetrical triangle on the ETH\/\/BTC trading pair, which based on the formations measure rule would have a 95% rise or drop for a target.<\/p>\n
The triangle is currently reaching its apex, suggesting this powerful breakout is imminent. However, symmetrical triangles break up almost as often as they break downward.<\/p>\n
The crypto analyst who spotted this massive formation and potential move believes that the latest price action suggests that the formation is more likely than not to break down.<\/p>\n
According to the trader, Ethereum has been trading within a bear channel on the ETH\/BTC pair for an extended period, indicating that down is the probable direction.<\/p>\n
Ethereum and other large-cap altcoins often are leading indicators for the rest of the crypto market, and in particular, the altcoins space.<\/p>\n
The number two cryptocurrency by market cap showing signs of falling against Bitcoin could signal a worse drop across the wider altcoin market.<\/p>\n
The total altcoin market cap against BTC is also in a multi-year formation, however, this pattern looks to be more descending in nature and not symmetrical like Ethereum.<\/p>\n
Related Reading | Altcoin Market Forms Cryptos Most Dangerous Pattern<\/p>\n
Descending triangles in the crypto market have in the past been notably deadly. Its the same pattern that sent Bitcoin from $6,000 to $3,000, then again from $13,000 to $6,000. <\/p>\n
Now, its appearing in the altcoin market, and it could cause the assets to be decimated by Bitcoin dominance in the days ahead.<\/p>\n
<\/p>\n
View original post here: <\/p>\n
Analyst: Ethereum Prepares for Massive 95% Move Against BTC, But Which Direction? - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum started off 2020 as bullish as can be, outperforming BTC and other crypto assets by a large margin. The top altcoin in the crypto market may soon make a massive 95% move against Bitcoin, according to one analyst, but the direction of that move is still up in the air, although theyre leaning heavily toward a chart pattern formation resolving to the downside Continue reading