Important Indicator That Signaled 4,593% BTC Rally Is Flashing – ETH Is The Coin To Watch

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Digital assets are trading in the red today, and the most important coin is struggling above $9,700.

At the moment of writing this article, Bitcoin is also trading in the red, amidst a high volatile crypto market.

Important signal hints at an upcoming rally for ETH

On the other hand, it’s been just revealed that a signal that has been flashing at the start of a historic rally of 4,593% rally is back, and it’s reportedly flashing for ETH.

The Daily Hodl mentions a crypto analyst known as the Alunaut, who told his followers that the price of ETH crossed above the Ichimoku Cloud.

“The cloud, also known as the Ichimoku Kinko Hyo, is a mashup of several indicators that identify levels of support and resistance, track momentum, and spot potential trend shifts,” the online publication writes.

The important thing worth noting is the fact that “the same indicator flashed green for BTC in April of 2016, ahead of its long-term move from about $430 to an all-time high of $20,089.”

A Twitter user asked Alunaut: “Help me out here…. is this a subtle suggestion that perhaps the flippening theory is possible and lining up?”

Alunaut responded with: “suggesting that ETH 2020-2021 may follow BTC price action from 2016-2017”

Someone slammed the Twitter user who asked the question and said: “Lisa the only thing “flippening” here is the brains of people who take these false prophesies seriously.”

The world of crypto is an extremely volatile one, especially these days, and BTC remains king. The direction prices will go is reportedly determined more by BTC’s direction.

Another BTC somber prediction

The online publication also mentioned DonAlt, who warns that if BTC begins to retrace below $9,184, he’ll become “super bearish” on the market in the short term.

If Bitcoin begins a significant retracement, he identifies $7,900 as an area of support.

“The absolute state of this current monthly candle. Bulls better fix this in the next ten days,” he said.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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