Ethereum Faces a Steep Drop After Rallying to One-Year Highs: Indicator

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Ethereum has seen extremely strong performance over the past two months, growing against the dollar and Bitcoin. Before the crash the other day, the price of ETH against the dollar hit $415. And against BTC, the price of ETH reached as high as 0.0347 — a more than one-year high. This extreme strength has been predicated on a number of fundamental trends, including the growth in DeFi and the imminent launch of ETH2. The leading cryptocurrency may see a drop against Bitcoin as per the Tom Demark Sequential, which printed a sell signal. The last time this indicator printed a sell signal, a four-day correction was seen. Certain analysts beg to differ, arguing that it may be ETH that outperforms Bitcoin early in this bull cycle. They cite fundamental developments around Ethereum and the asset’s market structure relative to BTC. Ethereum Could See a Strong Retracement: TD Sequential According to…

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