Ethereum has been sharing the fuel along with Bitcoin in this ICO craze. ETH and BTC have both been the premier choice of a transaction medium getting into ICOs. The game wont stay this way much longer, as we are already seeing the signs unfold (ICO bans, dwindling volume, regulations coming, ICO's not hitting fundraising goals). ETH had a pretty emotional cycle to be honest that looks like absolute crap to me, horrible structure with a fake double top in the beginning, then after really playing into people's greed by everyone expecting a third elliot set to take them to the moon. Complete greed being taken advantage of on both ends of the traders and projects. This rally was clearly over once it topped the 4.764 as seen here
Note that ETH has been following a nice USD trend that is partly due to the rise in BTC as well, so dont confuse it with anything meaningful, remember the ultimate goal is for people to lose money in crypto. The trend will break with BTC falling. Also note the USD double top
It is struggling trying to find support above the 1hr cloud and consolidate for a bit so it can signal to us sellers are out of the market for the most part
I would not be buying ETH here unless you were just looking to get into an ICO that required it and using it as a tx medium. There is the chance that we hold the 0.786 which would coincide with the prior top of the last market cycle
Personally I think we will still go the inevitable 0.883 or more once we approach the 0.786 and investors really start to question themselves and why they are losing. Understand as these markets progress in cycles and expand to prices where we are at now, bottoms can generally be expansive themselves with quite the swings. This is why we never trade positions in single orders and when we enter the buy zone, we scale in as low as we can, buying up the fear.
Note that ETH has been following a nice USD trend that is partly due to the rise in BTC as well, so dont confuse it with anything meaningful, remember the ultimate goal is for people to lose money in crypto. The trend will break with BTC falling. Also note the USD double top
It is struggling trying to find support above the 1hr cloud and consolidate for a bit so it can signal to us sellers are out of the market for the most part
I would not be buying ETH here unless you were just looking to get into an ICO that required it and using it as a tx medium. There is the chance that we hold the 0.786 which would coincide with the prior top of the last market cycle
Personally I think we will still go the inevitable 0.883 or more once we approach the 0.786 and investors really start to question themselves and why they are losing. Understand as these markets progress in cycles and expand to prices where we are at now, bottoms can generally be expansive themselves with quite the swings. This is why we never trade positions in single orders and when we enter the buy zone, we scale in as low as we can, buying up the fear.