Ethereum to shutdown in this bull market?

Apr 1

In the “Alt-coin market preparing for a 10x move” idea (below) it was written:

“A word of warning. The uptrend will not be equal across all alt-tokens”

MATIC, ALGO, LTC to name a few.. as expected not all legacy projects are enjoying the multiple x gains so many in the space have seen.

Ethereum has currently printed a 78% return on the dollar pair since the statement above while others like Solana are up 1200%. In fact many tokens have printed a 10x return since that time. Despite all this the bullish outlook held by Ethereum fans is steadfast as it is loyal.

The bitcoin pair ratio of legacy projects, that includes Ethereum, is a significant reason for knowing why a group of tokens would fail to participate in the current bull market.

On the above monthly chart the Ethereum/Bitcoin (ETH.BTC) pair has confirmed failed support after seven years of uptrend. This is significant. The confirmation was made on the close of March with whole body monthly red candle printing outside the channel.

The bear flag that preceded this breakout forecasts a 80% correction in the ETH.BTC pair.

On the weekly ETH.btc pair (below) a weekly death cross is almost certain to print. Price action on this pair corrected 60% on the last cross in June 2019. You think this time is different?

Ww


Alt-coin market preparing for a 10x move

Weekly ETH.BTC Death cross

May 14

Trade active

Broken market structure on the 3 day chart. Look left on this same chart, it took a minimum of 6 months on average for the structure to consolidate and print a new higher low. Do you really want to sit out the remainder of 2024 on a sinking ship?

3 day

Jun 20

Trade active

A weekly death cross has just printed. Previously the ETH-BTC pair corrected 60% on the death cross print. If Bitcoin price action remained static ETH-USD would correct to $1300, however we know we're going to strike lower, which will be a terrific opportunity.

Weekly ETH-BTC

Jul 27

Note

Ethereum.btc just upgraded the weekly death cross to a 8 day death cross. A 60% drop in the btc pair followed that last time this printed.

8 day


Zooming back out to the monthly we can see price action just confirm the 50 month SMA as resistance.
Previously these events were followed by 60-70% corrections.
You think this time is different?

Monthly

Oct 28

Note

Like many other alt tokens the BTC pair has corrected significantly, Ethereum.btc included.

Some now are bullish other not so much. Ethereum falls into the "not so much" category.

Price action exited the monthly flag, that was identified a few months ago. At this time the monthly candle for the BTC pair is printing under market support.

Let me clear, broken market structure on the monthly time frame is no joke, it will take years to repair should the current monthly candle close under market structure, as it now is.

Bulls, you have 72hrs to push this candle above market structure.
If it closes under, the Month of November print will be required to confirm.

Remind me in the comments below to check!

Monthly chart