Just look at the little red arrow right above the long-term green trend line, it points right at 1 of the most bearish candle ever seen on the history of Ethereum. Basically, the mid-term support since late 2017 has officially turned into the resistance. And what does that even mean?
It means that Ethereum now officially fluctuate below the 100$ level. And whoever tells you that Ethereum is reaching the bottom and going to the moon in a couple of weeks, you need to unfriend or unfollow that dude immediately.
So according to the chart, there are 2 most likely scenarios that will play out.
1/ It falls to the 40$ - 60$ level, breaks up the green trend line to end the down-trend, then will fall again to this level and form the double-bottom pattern .Then consolidate and ready for the next bull run.
2/ It falls to the 40$ - 60$ level, retest the green trend line, fail, and fall all the way to the 20$ level, the only price that provides strong support for Ethereum.
So, I do hope that scenario #1 will play out and we're gonna end the bear market early next year...
But unfortunately, with all the FUD that is surrounding Ethereum right now, regarding "scaling issue, banned ICOs and ICOs owner are dumping Ethereum to exit". Scenario #2 is more likely.
It means that Ethereum now officially fluctuate below the 100$ level. And whoever tells you that Ethereum is reaching the bottom and going to the moon in a couple of weeks, you need to unfriend or unfollow that dude immediately.
So according to the chart, there are 2 most likely scenarios that will play out.
1/ It falls to the 40$ - 60$ level, breaks up the green trend line to end the down-trend, then will fall again to this level and form the double-bottom pattern .Then consolidate and ready for the next bull run.
2/ It falls to the 40$ - 60$ level, retest the green trend line, fail, and fall all the way to the 20$ level, the only price that provides strong support for Ethereum.
So, I do hope that scenario #1 will play out and we're gonna end the bear market early next year...
But unfortunately, with all the FUD that is surrounding Ethereum right now, regarding "scaling issue, banned ICOs and ICOs owner are dumping Ethereum to exit". Scenario #2 is more likely.