Kevin Svenson, one of the analysts closely followed in the cryptocurrency markets, EthereumHe shared his predictions about the price, stating that the market reflects a structure quite similar to the 2018 market structure.
Sharing his views on his Twitter account with 107,000 followers. Kevin SvensonHe noted that Ethereum has recently breached its long-term cross support that has kept the markets ‘bullish’ for a year.
According to Svenson, the bearish action is a reminder that Ethereum has stopped following the price action in 2018, but also the uptrend line, losing about 80% of its value in just a few months. According to the analyst, this fractal is also active right now.
At the time of writing, Ethereum was trading at $1,358, down about 10% compared to the previous day.
With Ethereum now trading below its previous cycle of $1,420, the analyst thinks the rest of the crypto markets, especially ETH and BTC, could witness a prolonged bear market.
“Overall, ETH, BTC and other cryptocurrencies can easily see +/- 140 days of sideways bear market action. Such movements are standard in such conditions. For a rough estimate, the 128-week simple moving average and 50-week exponential moving average should be used as a comparison from the previous cycle.
Human behavior does not tend to repeat, but moves in a similar rhythm. You can see how much time we spent below the 128-week simple moving average in the last cycle (orange). Even if it has followed half of that, we seem to have at least one more year for consolidation.”
bitcoin Sharing his price prediction, Svenson thinks that despite the bearish price action in the last few months, BTC is still in a long-term uptrend.
“Bitcoin’s macro trend situation still looks good. If you look at it from a trend/growth perspective, we’re making progress.”
Looking at Svenson’s chart, BTC seems to be trading in a descending channel with a long-term support line around $20,000.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.