ETH' has been such a weak coin the past months. A lot of people were asking if ETH would not be a great buy around 300 even and even more around 200 levels. Because for the nr 2 alt coin, it got dumped so much, it should be a buy. Well as i told most, the market is always right. When a certain asset gets dumped, there has to be a reason for that dump. It seems the future for ETH' is not that bright anymore. It can always change again, but at the moment it's clear the market is not ready for that. This theory is only for high volume coins (assets), not talking about those Pump & Dump coins, which cover maybe 98% of the crypto market. So only where the volume is too much for easy manipulation.
From the looks of it, we could see a bit more lower prices, towards the 110. Just like my LTC' analysis, i will simply wait for that price to come and wait for some confirmation to think of going long there. This is not a long term buy, at first just a trade. Both left and right chart show similar targets, so this could be a turning point for ETH, at least for the short term.
A break of 130ish would be a first step to prevent the target for getting reached, above 136 should invalidate the small triangle and above 140 it would be confirmed.
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Previous analysis:
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So the 130 got rejected and we are at the support line again. If this break we could see another (small) wave down.
On the left we can see a possible bullish wedge, but so far it broke out and it's failing to rally. So if this green support breaks, we could see a quick drop happening. If it holds, the wedge could still play out.
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The target is closing in now or maybe has been reached already. But no big bounce up yet. And based on Bitcoin, it could be that we see another move down. My first though would be, it might drop even below that green support but can't say that upfront of course. Still watching at the moment to see how things develop
@imanmag, Looks like a good channel. But thing with these long term lines, we can always see a wick below it or we could continue moving on that line as well.
UnknownUnicorn3605128
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more like 90 :D
allkrystals
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i think ETH is going even lower, price around 48-50USD is possible. Next strong support can be at 19-20USD. Many others crypto may follow until real implementation of crypto (i hope for implement, but it will be hard work, and long way)
botje11
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@allkrystals, Prices of 20 bucks, would be very devastating i think. Would mean that there is probably no implementation at all going on. Otherwise markets always get ahead of reality. Meaning if there is a chance for implementation, it should not drop that much imo
allkrystals
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@botje11, i am not capable to say what level is devastating. You are right, all institutions which plans to use blockchain - existing form, or modificated one - would not let this cryptomarket, important coins and tokens die. But I think we are going lower and 50USD can be real.
UnknownUnicorn2825836
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what if the "market" is ICO scammers selling?
botje11
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@cocoadreamboy, Yes, that was probably the case when we made that big dump to 200ish the first time. So there is some extra selling pressure for sure, because of those people. Not easy to judge
biffbifford
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Commandeur
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Good analysis!
Agreed with your point of view and your arguments.
Currently, it's strongly oversold. However, that doesn't mean that it's a strong buy bécause it's in oversold territory. The price is there for a (good) reason.
Implementation whether or not, I just focus on the price. If the implementation is there, but prices are still down or not moving up, I'm not interested. The market gives you all the information.