All across finance, the conversation of the day has been centered around China and the ongoing regulatory crackdown As it pertains to the crypto market and assets like Bitcoin and Ethereum, holders are wondering if there could be spillover effect and additional FUD that could on the ongoing recovery in play.
But it is in the Tencent chart itself that suffered a devastating collapse today that should have Ethereum bulls worried due to a frightening comparison between the two. Making matters worse, knocking on wood won’t help, as the Lumber futures chart could help shed a light on what the next target might be for the top ranked Altcoin
‘ href=”https://www.newsbtc.com/dictionary/altcoin/”>altcoinlike Ethereum, could be much worse by comparison.
Let's hope Ethereum doesn't fall victim to a similar fate | Source: ETHUSD on TradingView.com
Ethereum Chart Comparison Has Bulls Knocking On Wood
A comparison with Tencent is exactly why crypto bulls need to be worried and fearful. The top Coin
‘ href=”https://www.newsbtc.com/dictionary/coin/”>coinback to around $3725. The three charts appear to have bottomed at around the same level and date, topped around the same level and date, so why wouldn’t they continue to behave in a similar fashion?
— Tony “The Bull” Spilotro (@tonyspilotroBTC) July 27, 2021
What do you think, is Ethereum in trouble?
Featured image from iStockPhoto, Charts from TradingView.com
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