The recent announcement by China to ban ICOs has led to a selloff in the crypto market that is still unfolding as we speak due to the uncertainty about further measures being taken by the government and the likelihood of other countries following suit.
I am currently looking at 4 different scenarios, 2 bullish (blue count) that would take us above $600 in the next month, the other 2 being bearish short term. Given the current set up I am more inclined to lean towards the bearish scenario that would take ETHUSD to the July low and likely bring us near the $100 mark. The other bearish scenario would see a smaller drop unfold but prolong the correction for another month or two in an ABCDE triangle pattern.
Regardless of the trend that plays out over the short term, the bullish trend will resume by end of the year at the latest and will eventually take Ethereum to new all time highs, over the $1000 mark in 2018.
I am currently looking at 4 different scenarios, 2 bullish (blue count) that would take us above $600 in the next month, the other 2 being bearish short term. Given the current set up I am more inclined to lean towards the bearish scenario that would take ETHUSD to the July low and likely bring us near the $100 mark. The other bearish scenario would see a smaller drop unfold but prolong the correction for another month or two in an ABCDE triangle pattern.
Regardless of the trend that plays out over the short term, the bullish trend will resume by end of the year at the latest and will eventually take Ethereum to new all time highs, over the $1000 mark in 2018.
