elitebagholder
Short

Ethereum - $12 Price Target is a possibility

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hi everyone, hate to write this up and show this chart, but I have 3 long term cases for Ethereum as detailed in the chart.

I realize we have a huge H&S pattern as well and a fractal retrace possibility (which I am not leaning towards but it could still play out).

This generates 3 long term cases.

Case 1: Target to lower 400 or upper 300s and then a rally. This is very hard for me to see at this point in time.
Case 2: Target to around 265 and then a slow reversal to the neckline of the H&S . This is what I am leaning towards.
Case 3: Target to around $12, in other words, a complete crash. This would be my second pick.

Fundamentally speaking, Ethereum has great use cases, but unfortunately the coin was misused to create ICOs to steal investor money. Over 90% of ICOs on Ethereum are scams.

At this point in time, all numbers are a possibility, but I do lean towards $265 then a slow recovery.

As I said before though, if it pops +50% tomorrow you can ignore this chart.

Good luck all.
Comment: Looking back at this chart, it looks like a mess, but the ideas are there and valid.

Case 1 could also be called "a 400 support bounce", which could then follow the previous pattern a while back.
I love Eth and wish it would go to the moon but in reality 3 trend lines have already been broken. its going to test 400, then 130 then 80.
+1 Reply
@jazzman4u, I'm in the same boat, love eth too but I gotta be realistic here. The 400 support will not hold, everyone and their grandmother can see it, it's a suckers play to assume a strong bounce off of it. Although we may have a bounce, it will not be significant. I've checked the order books across exchanges there's a lot of support at 400 from limit buys, but I don't think it will be enough with current sentiment. I'd be interested on your take on why you have 130 and 80 as your targets. GL to you.
Reply
jazzman4u elitebagholder
@elitebagholder, Thats right. Yes it wont go in a straight line. The death-cross is a reality. I found that every time a trend line is broken, the next trend line starts from an earlier low. The trend line that was last broken started at 134. The next trend line starts at 15 low, so line up 15 and 24 lows and draw to date and beyond. Takes eth to the 80 ish level. 400, 201, and 134 are previous lows and should have some resistance. Sorry a chart makes more sense but I can load it here. The majority of shitcoins are ether tokens and their dumping them. Not good for ether. I always wondered why Vitalik Buterin kept saying it could go to zero. I just thought he was being modest.
+1 Reply
@jazzman4u, I see what you're saying. I think the yellow dashed line on my chart is close to the 134 trend line you're talking about. Agree with you on everything, I even thought the same about Vitalik's tweet, but it may actually be a possibility. Scary.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out