The post Legendary Trader Bollinger Issues Warning for Bitcoin and Ethereum Price appeared on BitcoinEthereumNews.com.

John Bollinger, legendary trader and creator of the Bollinger Bands, has warned of a looming correction for Bitcoin and Ethereum following the latest price upswing. Bollinger conveyed these warnings in two different posts on X in response to ongoing inquiries from traders regarding his position on the recent price resurgence. Notably, Bitcoin (BTC) and Ethereum (ETH) have spearheaded the market’s shift from bearish to bullish momentum this week. BTC and ETH Record Resurgence Bitcoin surged 7.8% in intraday gains on Monday, breaking a four-day period of consolidation below the $68,000 psychological threshold. This rebound allowed the leading cryptocurrency to reclaim the $70,000 level for the first time in over a month, reaching a high of $71,500 before encountering resistance. Ethereum experienced a remarkable 19.25% surge on the same day, marking its most significant intraday gain in over six years. This historic performance pushed ETH beyond the $3,600 threshold, continuing its upward trajectory until May 21 and culminating in a two-month peak of $3,839. Amid the recovery efforts, market participants who missed the dip are looking to augment their holdings, while those who currently hold positions remain uncertain of the direction from here. This growing uncertainty has triggered questions directed at market veterans such as John Bollinger. Ethereum Rides on Spot ETF News In response to numerous questions about the sustainability of Ethereum’s recent uptrend, Bollinger noted that the optimism surrounding the potential approval of Ethereum spot ETFs by the U.S. Securities and Exchange Commission (SEC) had already been largely factored into the market.  Several inquiries about $ETHE today. The news is mostly in, the discount mostly gone, and the move is over-extended, so I trimmed my position today. $ETHUSD $ETHBTC — John Bollinger (@bbands) May 21, 2024 – Advertisement – Reports from this week suggested that the U.S. SEC might…

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Filed under: News - @ May 22, 2024 11:28 am