We currently have an inverse head and shoulders forming at the bottom of a descending wedge, its hard to know what to make of this because even if it does play and we shoot up we got some serious resistance above. Furthermore if you zoom out we have formed a perfect diamond pattern that simply can not be ignored, we need enough volume and momentum to blast out of it other wise this will only help confirm the upper tend line of the diamond, if you dont know diamond formations are generally considered to be pretty consistent reversal formations. There is no clear choice where to go right now with ETH, at least to me i see just as many signs pointing upwards as i do down.
I really believe in ETH and do think that eventually it will push forward and maybe even flip bitcoin at some point ( i know thats an unpopular opinion) but right now it needs to be considered that we could be at the start of a serious down trend. Hopefully that is not the case but I have personally secured some of my profits just in case it is.
@ArtfulDodger1974 yeah man idk, its not that I don't agree it's that there has been a huge shift in sentiment over ethereum. Don't get me wrong man I personally believe eth is way undervalued, but matter what the diehard eth fans feel if the rest of the space and new people piling in are not on board. Long term I am super bullish on eth. I think alot of it also depends on when you bought, I personally bought almost all my eth under 400 bucks and anything I paid more than that was from airdrop swaps or profits from farming so taking profits for me now is still huge gain ... I also still have a decent chunk but this way if we do enter a downtrend now I won't be stuck and will also have money to buy the bottom.
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@ArtfulDodger1974, hey thats alright man ... everyone makes mistakes with this shit ! What you just said is legit the key to success in this space ... its not about if you fail or make a poor decision, that IS going to happen .... what matters is that you learn from it and roll with the punches. It looks like that inverse head and shoulders did play out and things are looking up ! Once ETH starts rising rapidly and quickly, the way bitcoin does when its on a run, thats when we really need to start looking to get out. Even if your long term it is wise, that way when things come back down you can double or tripple your holdings.