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Veteran trader John Bollinger weighed in on Bitcoin’s current price action earlier this Tuesday after the leading cryptocurrency managed to set yet another record high.
According to Bollinger, the new highs erased a potential bearish Bollinger Band divergence. “Consolidations create potential negatives. That sort of thing is normal in up trends,” he added.
The top cryptocurrency recently reached the $94,000 level for the first time on the Kraken exchange following the launch of IBIT options.
That said, Ethereum (ETH), the second-largest cryptocurrency, is refusing to catch the bullish wave. This has been interpreted as a worrying signal by the legendary chartist.
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“For now, it is just a warning, but I am more comfortable with the rising tide lifting all the boats,” he said in a post on social media.
Despite the fact that Bitcoin has surged by more than 4% over the past 24 hours, Ethereum actually remains in the red. According to data provided by CoinGecko, the cryptocurrency is down 0.1% on Tuesday after losing nearly 5% over the past week.
Earlier today, the ETH/BTC pair reached yet another multi-year low of 0.033 BTC.
The flagship altcoin is struggling to regain momentum after spot Ethereum ETF products recorded $39.08 million in net outflows on Monday.
It is worth noting that other major altcoins are also currently underperforming Bitcoin. Dogecoin (DOGE) is the only token that has logged bigger gains than the crypto king. The leading meme coin is up by 10% over the past 24 hours.
Source: https://u.today/legendary-trader-bollinger-issues-major-ethereum-warning