When times are as unpredictable and erratic as they are today, it is best to erase as much noise as you can and take the most simplistic/reasonable approach. The most important concept an investor must first understand is to follow the trends. Countering a trend or predicting a trend reversal without proper risk management will leave any portfolio blown up. Timing a bottom is incredibly hard which is why when the majority is calling for the bottom, it likely isn't the bottom.
Taking a look at the chart, ETH has reached absolutely critical support that must hold before risking a tremendous drop down to the $1,400 range. This would confirm a break of the uptrend and a Bear Market, in my eyes, and will leave so many in despair. Think of all of the young traders who were promised BTC 100k by the end of 2021 and are still holding the bags in disbelief. 100k by end of the year was the most popular narrative of 2021 and caught a great number of bag holders. Don't forget this.
At this point, it is completely make or break here for both Crypto and Stocks. The stock market is in a very similar situation and is at a critical point. We are either very close to a bottom or the storm is only just now arriving across all markets. Understanding that the majority consensus at this point is we are likely heading lower, Im going to go out on a limb and suggest the bottom could potentially be very close. At least for the short term. All pumps from here should be used to take as much profit as possible. This, at the moment, is not a risk-on market. A break below $2,500 will likely confirm more downward pressure and confirm the trend further.
~Must hold price~
$2,500
Taking a look at the chart, ETH has reached absolutely critical support that must hold before risking a tremendous drop down to the $1,400 range. This would confirm a break of the uptrend and a Bear Market, in my eyes, and will leave so many in despair. Think of all of the young traders who were promised BTC 100k by the end of 2021 and are still holding the bags in disbelief. 100k by end of the year was the most popular narrative of 2021 and caught a great number of bag holders. Don't forget this.
At this point, it is completely make or break here for both Crypto and Stocks. The stock market is in a very similar situation and is at a critical point. We are either very close to a bottom or the storm is only just now arriving across all markets. Understanding that the majority consensus at this point is we are likely heading lower, Im going to go out on a limb and suggest the bottom could potentially be very close. At least for the short term. All pumps from here should be used to take as much profit as possible. This, at the moment, is not a risk-on market. A break below $2,500 will likely confirm more downward pressure and confirm the trend further.
~Must hold price~
$2,500