Ethereum

The Bearish Signal Ethereum Bulls Need To Fear

Ethereum is above $4,000 and has hit a price level that’s nearly three full times the altcoin’s previous all-time high set years earlier. But could a full year’s worth of incredible profits and ROI be potentially leading bulls right off a cliff?
Several potentially bearish signals have appeared on Ethereum price charts that could suggest the bull market is nearing its conclusion, and that a deep retracement could follow.
Ethereum Reaches $4K Resolution As Bitcoin Goes Static
Just like Bitcoin, crypto investors have almost no interest in selling their ETH – only buying it. The recent “spot driven rally” as analysts are calling it, has taken the trending altcoin to as much as $4,200 per ETH at the high.
Gas fees broke records for revenue on that day, proving to the world that the Ethereum blockchain is financial powerhouse. DeFi is still booming, with billions worth of ETH locked, and the NFT trend has only really just taken hold.
Related Reading | Bitcoin And Ethereum Bleed 10% In Violent Crypto Market Shakeout
ETH 2.0 is in progress, and a scarcity improvement – EIP-1559 – will make the asset even more valuable to hold in the long term. It, and the recent recovery on the BTC trading pair, has prompted the return of “flippening” discussion.
What could possibly go wrong for the second-ranked crypto asset encroaching on Bitcoin’s throne?

This bearish divergence and Pi cycle “top” signal doesn’t look good | Source: ETHUSD on TradingView.com
The Bearish Signals That Could Surprise Crypto Bulls, End Current Cycle
Unfortunately for bulls, Ethereum is exhibiting signs that resulted in the last bear market across crypto. On weekly timeframes, there’s a massive hidden bearish divergence, just as Ethereum brushes up against diagonal resistance.
Prior to the most recent push, Philip Swift’s “Pi Cycle Top” indicator used for Bitcoin peaks triggered – just as it did during the last bull market as it came to its conclusion.
Related Reading | Here’s Where The Ethereum Rally Could Pause, According To Bitcoin Blueprint
Bitcoin reversed first, and capital flowed into altcoins boosting the BTC trading pair ratio and beginning the talk of flippening. Now, the same sort of talk is back, and once again it is alt season and the top crypto by market cap has paused its rally.

A TD “sell” setup has marked the peak of most major rallies in Ether | Source: ETHUSD on TradingView.com
Making matters worse, there’s also a TD sell setup on the weekly timeframe, which yet again was a near-flawless top sign both in 2018 and again in mid-2019.
If Bitcoin takes a dive here, and sends the ETHBTC trading pair back to former highs, the coincidences could be too many to ignore. Bulls might have had their final push in both Bitcoin and Ethereum, and what comes next is a bear phase no one is expecting
Featured image from iStockPhoto, Charts from TradingView.com

bitcoin
Bitcoin (BTC) $ 65,737.61
ethereum
Ethereum (ETH) $ 3,522.92
tether
Tether (USDT) $ 0.999416
bnb
BNB (BNB) $ 598.43
solana
Solana (SOL) $ 143.74
staked-ether
Lido Staked Ether (STETH) $ 3,523.59
usd-coin
USDC (USDC) $ 0.999686
xrp
XRP (XRP) $ 0.497756
dogecoin
Dogecoin (DOGE) $ 0.134279
the-open-network
Toncoin (TON) $ 7.78
cardano
Cardano (ADA) $ 0.404249
shiba-inu
Shiba Inu (SHIB) $ 0.000020
avalanche-2
Avalanche (AVAX) $ 28.62
tron
TRON (TRX) $ 0.116678
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,729.61
polkadot
Polkadot (DOT) $ 6.20
chainlink
Chainlink (LINK) $ 14.31
uniswap
Uniswap (UNI) $ 10.88
bitcoin-cash
Bitcoin Cash (BCH) $ 413.65
litecoin
Litecoin (LTC) $ 77.05
near
NEAR Protocol (NEAR) $ 5.28
matic-network
Polygon (MATIC) $ 0.598015
wrapped-eeth
Wrapped eETH (WEETH) $ 3,666.53
leo-token
LEO Token (LEO) $ 5.69
dai
Dai (DAI) $ 0.998772
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 8.91
kaspa
Kaspa (KAS) $ 0.153108
ethereum-classic
Ethereum Classic (ETC) $ 24.34
ethena-usde
Ethena USDe (USDE) $ 1.00
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,516.08
aptos
Aptos (APT) $ 7.53
fetch-ai
Fetch.ai (FET) $ 1.30
monero
Monero (XMR) $ 175.97
render-token
Render (RNDR) $ 7.80
hedera-hashgraph
Hedera (HBAR) $ 0.082119
filecoin
Filecoin (FIL) $ 5.06
stellar
Stellar (XLM) $ 0.097184
mantle
Mantle (MNT) $ 0.856512
cosmos
Cosmos Hub (ATOM) $ 7.07
okb
OKB (OKB) $ 45.19
blockstack
Stacks (STX) $ 1.77
crypto-com-chain
Cronos (CRO) $ 0.095875
arbitrum
Arbitrum (ARB) $ 0.878086
first-digital-usd
First Digital USD (FDUSD) $ 0.998450
dogwifcoin
dogwifhat (WIF) $ 2.39
immutable-x
Immutable (IMX) $ 1.58
injective-protocol
Injective (INJ) $ 23.04
sui
Sui (SUI) $ 0.901170
maker
Maker (MKR) $ 2,351.84