Ethereum (ETH) Signal, Last Seen in 2018, Appears Again!
A popular cryptocurrency analyst expects Ethereum (ETH) to perform extremely well in 2021, which is rapidly recovering and falling to the $ 330 level this week.
Last Seen in 2018
ETH, which saw the highest level of the year with $ 490 in the first days of September, is trading at $ 360 as of writing. The main reason for the price action that started on October 6 and took the largest altcoin to $ 330 was the decline in investor interest in DeFi tokens and a result of the correction move in the Bitcoin price .Evaluating Ethereum’s potential in 2020, crypto analyst Josh Olszewicz recently shared a chart on a weekly chart showing that the Ichimoku Cloud turned green for the first time since late 2018. The Ichimoku Cloud is a popular technical indicator that shows the price trends of an asset and the key levels to watch.Olszewicz believes that the Ichimoku Cloud turning green on the weekly chart means that Ethereum will perform “extremely well” in Q2 of 2021:
ETH on the weekly chart. The Ichimoku Cloud is green for the first time since late 2018. This is an extremely good sign for the second quarter of 2021.
Cloud green for the first time since late 2018
this bodes extremely well for Q2 2021 pic.twitter.com/tyRtQoYeFB
— Josh Olszewicz (I will not dm you) (@CarpeNoctom) October 8, 2020
The Ichimoku Cloud is a remarkable indicator in that it is somewhat a leading technical indicator for predicting future trend changes as opposed to providing insight into the current trend.