"Ethereum

Sell Signal Flashes"

  "Ethereum Sell Signal Flashes"   Ethereum made headlines after hitting an all-time high of $ 2,650. The bullish impulse seems to have been triggered by the substantial increase in the number of large investors in the network. Approximately 24 addresses with 10 thousand to 100 thousand ETH values ​​were created between 17-22 April. The turning point caused panic selling among investors after US President Joseph Biden announced new tax planning. The sudden surge in downward pressure saw Ethereum's market cap drop more than 20 % and lost 540 points within a few hours. Now, Tom DeMark (TD) sequential indicator predicts that Ether is ready to go further. Looking at Ethereum's 3-day chart reveals that the TD setup is incredibly accurate in predicting local peaks in this altcoin trend. All three sell signals that this indicator has offered since August 2020 have been confirmed and resulted in significant retracements. IntoTheBlock's "Global In / Out of the Money" (GIOM) model estimates that $ 1,900 plays a very important role in Ethereum's trend. According to the transaction history, this is the biggest demand barrier under the altcoin. GIOM cohorts show that the next key demand wall consolidating Ether's uptrend is around $ 1,600. Considering the cryptocurrency market is unpredictable, there is no bullish outlook. The GIOM cohort model shows that there is only one major supply barrier to Ethereum. A 3-day candlestick above the resistance level may invalidate the bearish outlook and lead to further gains.      

Source: investing.com

 

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