I've been looking at the chart and I don't like what I see. Every single technical indicator indicates lower price action.
The support trend line on Ethereum will probably break, as it's the 5th time it's approached it. We are also below 2 EMAs (10 and 21) on the weekly. This is the 4th time we've had a pump and dump and buyers could be getting sick of it and withdrawing from the market. Also, the 5th time appears a bit different, we have not quickly recovered like the other times. Very easy to see. Do what you want. Make whatever you want of this analysis, but I think even $300 and below is on the table for Ethereum in the coming months.
My last analysis was as simple as this one and it worked out.
Anyway, I'd exercise a lot of caution from here. Good luck all, this is not financial advice.
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ETHBTC chart suggests a drop as well. I am quite firm we break the support trend line on the weekly. If it doesn't happen now, it will happen on the next attempt. I'm out on the sidelines based on what I see. I am personally not shorting here, because it will take some difficulty and selling power to go lower.
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Don't throw this idea into the garbage just yet... We can easily see a pump to 560 then crashing down breaking the trend line... If you're on the sidelines looking for a good buy I don't think you should be worried much.
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Trend line strangely held.
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Trend line broke
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Support at 360, if 360 breaks we're looking at new lows.
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Let's see if support holds on ETHBTC chart:
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If support breaks on ETHBTC, it is clearly not a good sign.
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I think money will start moving out of Ethereum into other platform based blockchains. We could easily see 350s soon.
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A wild guess at a target... I think $280 will be where we are in the coming months.