With more and more institutional money jumping into ethereum, more usd-based volume, and being able to recover from a lot of troubles and building a strong support at 7$, could be ethereum headed to bitcoin ATH's repeating its behaviour of the "great ethereum bubble" back in january 2016?
Not margin trading at all this kind of set ups, but if ethereum pull backs to 0.016-0.0165 i will scoop some at those leves.
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This USDT chart shows a 1.618 perfect extension of down trend. A potential correction back to 20-22 USDT, with btc at these levels, would match perfectly with the 0.016 correction proposed by the ethbtc fractals.
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A long term view of the fractal i'm suggesting.
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the fractal didn't work at all, but we reached new ath's similar to those proposed by the fractal so far. Didn't trade this at all, and it would have been a wild ride. Everyone misses trades, but you know what? there'll always be another trade :D
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Not trading this now, but i would probably long a pull back back to 0.03.
Any chance you could try to run this again, with up to date market data?
ltc-joe
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Could be, charts aside they still have a very big obstacle to overcome--the transition to Proof of stake. And not only the transition, but how well will this unproven mechanism work? Should be interesting to see how that plays out.
bagofXMR
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@btc_joe, I never trust too much this kind of setups, but the fact that the fractal suggested a pull back at a resistance area and finding support in an actual support kinda suprised me. that is why i decided to make it a public idea so i could get some insight from other traders.
I agree with you that ethereum has a tough path ahead. Proof of Stake hasn't been successfully proved so far and it kinda has some structural failures in the versions we've seen deployed so far in other blockchains. Basically Proof of Work discourages cheaters as while they try to cheat, they can't actually contribute to the security and be elegible for rewards, but proof of stake consensus algorithms so far allow cheating and working legitimally at the same time (using your stake to cheat is not expensive, while using your hardware and electricity to cheat is expensive).
Morever i don't like ethereum too much since the DAO bug issue. It proved to have a kind of centralized power that doesn't fit too much in my concept of decentralized network.
Anyways, the institutional support ethereum is receiving is real, and that might boost it to new ath's specially if they come out with a viable PoS consensus algorithm.