Unlike Bitcoin that has yet to set a higher high in 2020 over the previous year’s peak, Ethereum’s higher high is a very important sign that a new uptrend is brewing in the crypto market.
In fact, a crypto analyst has superimposed the well-known “psychology of a market cycle” chart over ETHUSD price action from the last several years, and the top-ranked altcoin tracks alongside almost perfectly. But where exactly does this chart suggest the market cycle is currently at, and how soon could the crypto market explode into a new bull run?
Ethereum Marches Along Perfectly To Market Cycle Psychology Chart
During Bitcoin’s meteoric rise to $20,000 in late 2017, the number two crypto asset, Ethereum, ran up right behind it but for very different reasons.
Bitcoin blew up because of its enormous price tag, combined with it being a new, unheard of technology created by a mysterious person that to this day is still not known. Ethereum,