Is Ethereum Following The SAME Bitcoin Pattern?!?
BTC
ETH
I get the feeling that Ethereum could be following the same bubble trend that Bitcoin is experiencing.
After hitting an ATH, BTC pulled back nearly 50% before rallying and hitting the 70% Fibonacci retracement. This was the exact same situation that Ethereum is experiencing as it pulled back nearly 50% and bounced up to touch the 70% before falling for the last two days and creating a similar pattern to that of BTC.
In addition, we saw the bounce play out in between these two rallies as we formed a second higher high at the second peak. If this same pattern plays out, we'd see a break of the bottom support ($758 for ETH) within the next week and a half.
Nothing is confirmed yet, this is just an observation that would be something to be mindful of since we've been in a parabolic bubble formation for so long. We are going to experience a longer pullback.
Stay safe...Happy trading!!
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