DU09

ETH/USD - In search for support. Can $2,100 hold us? πŸ€”

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
ETH dropped like BTC (see below my BTC idea) with a nasty wick down yesterday that took us all the way under $2,000. This shows bots panicked a bit and a liquidation cascade took effect. Over $1 billion was lost in liquidations yesterday... nasty. Reminder to not use leverage and if you do don't go over 5x...

Having said that, price is currently in search for support. BTC seems to be doing better in this regards, however, ETH has not yet found any support and the first good candidate for that is the $2,100 level. If that fails the next level to hold us is just under $2,000. A crash of the price below that level will not be good for ETH as it will invalidate our ascending trend here, indicated by our white trendline.

The daily indicators are also looking a bit bearish and volume on this drop increased = BEARISH ... hmm...

It's really up to support now to stop this correction, otherwise, the trend may continue to be bearish in the near term. On 4h the indicators want to have a break from this down trend so we may turn bullish as long as support holds...

Do not buy ETH here. Wait to find support. Nor short, we are too close to support to do that. Patience is key.

With that said, watch alts as if ETH is bearish , they won't do particularly well either, except Doge, that thing is just... on Mars with Elon Musk drinking cocktails. 🀣

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Comments

Hello! I liked the comment on DOGE :-)
What do you think, how low could ETH realistically drop?
1520? too radical? I know that the overall environment is still bullish (even if BTC doesn't behave well right now), but we had a permanent run from 1540 to 2550.
Hard to say, I know. I'm only trying to understand how the worst of the worst could look like under the given circumstances.
We need to start the engine again. Lot's of fresh money is required and I'm wondering at which level ETH would be able to convince buyers for a decent takeoff.
+1 Reply
Over leverage, wick outs, all in play. I used the drop to buy more little brother ETC which has its own merits. My ETH stays put no matter what. I ready yesterday 98% of ETH holders have only 1 ETH or less, so I feel good about my spot, put it that way. Far as Doge, those cocktails on Mars may be Bud Lights later. Elon, SEC really needs to do something about him.
+1 Reply
DU09 ArtfulDodger1974
@ArtfulDodger1974, Hehehe nice comment, thanks. Join my crypto community to stay in touch!
+1 Reply
@DU09, already follow here on TV but I saw your YouTube link and will subscribe!
Reply
I'm really loving your ideas. You mentioned not to use leverage. Do you trade only spot? How would you split trading/hodling? 50/50?

Thanks in advance.
+1 Reply
DU09 MannySalinas
@MannySalinas, Yes, spot is safest! Leverage keep it max 2-3x. I hold 95% of my coins and trade 5%.
Reply
@DU09, thank you!
Reply
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