Legendary Trader Bollinger Issues Major Ethereum “Warning”

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As a seasoned crypto investor with decades of market experience under my belt, I must say that the current state of the cryptocurrency market is both exhilarating and perplexing. The unprecedented surge of Bitcoin to new highs on Kraken is undeniably impressive, but as John Bollinger rightly points out, consolidations can potentially create negatives in an upward trend.

On Tuesday, seasoned trader John Bollinger expressed his thoughts on Bitcoin‘s recent price movement following its achievement of another all-time high record.

As per Bollinger’s analysis, the recent highs have eliminated a possible bearish contradiction within the Bollinger Bands. He further stated that such consolidations are typically seen in bullish trends and are not unusual.

For the initial time on the Kraken exchange, the leading cryptocurrency hit a record high of $94,000, coinciding with the debut of IBIT options.

In other words, despite being the second most prominent cryptocurrency, Ethereum (ETH) appears unwilling to ride the surging trend that many investors consider bullish. This reluctance is causing concern among seasoned analysts who closely study price charts.

In a recent post, he expressed that while it’s currently only a caution, he prefers the high tide elevating every boat instead.

Even though Bitcoin increased by over 4% within the last 24 hours, it’s worth noting that Ethereum continues to see a decrease. As per information from CoinGecko, Ethereum experienced a minor drop of 0.1% today, following a more substantial decline of almost 5% over the past seven days.

Earlier today, the ETH/BTC pair reached yet another multi-year low of 0.033 BTC. 

Despite attempts, the leading digital currency has yet to regain its pace following a $39.08 million decrease in investments in Ethereum ETFs on Monday.

It’s important to mention that many significant alternative cryptocurrencies are not doing as well as Bitcoin at the moment. However, Dogecoin (DOGE) stands out with higher returns than the crypto leader, surging by approximately 10% in the last 24 hours. The top meme coin is currently performing exceptionally well.

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2024-11-19 23:01