botje11

ETH at important dangerous levels

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
I am going to keep it short on ETH' this time. The strength it had in Dec, is the opposite so far in Jan.
On the right we can see a good bull flag in the making so far. But we all know that usually the opposite happens, so i would be very careful. If the green support breaks, the chances for a failure increase a lot.
On the left i have drawn a bigger picture. If we follow the red line, we could be forming a H&S which will bring it back to the 2018 lows. If that happens, there is a decent chance for a very big double bottom pattern. But that all depends on the support it will have if we get there.
The blue line suggest we might see a drop as well to test the low again, but it is very important we stay above yesterday's low, That green zone has become a neckline, so we need to see it does not touch that zone and make a higher low. If that happens, we could see a counter move happening. If we touch yesterday's low, the break of the neckline will become very likely.


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Previous analysis:
Comment: So the green zone broke and eventually we dumped again (liqs on Mex of course). At the moment we are following the blue line, we stayed above the neckline, which is a good signs so far.

But, the right shoulder is quite small, so it could be we will make some more bounces up and down. So i don't expect a big countermove up to happen yet.

Comment:
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Eth will double bottom at 2018's low of $83. After it breaches $83 the next support would be around $40. Of course it all depends on BTC and how hard it falls but until we wait for Wall Street and ETF's and regulation, it can take a while and crypto can continue to get hammered. If you're in it for the long haul then lower prices should excite you at opportunities to buy low and in a few years sell high.
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I prefer to zoom out and see the pattern for what it is. Been forming a bullish wedge since Aug 31st. Depending what BTC does it could fall much lower, but finding support at 50 DMA now.

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lamboluvr WolfpackCrypto
@WolfpackCrypto, I don't think your chart is correct. According to your chart projections ETH has a potential of reaching -$50. I don't think that's possible. Just saying, lol.
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Hi, you think ETH can fall to 25? I'd pick it up there and hold for long term, until we see then next bull market with institutional investors, mom and pop investors and more regulatory clarity and certainty. I don't mind holding a few years.
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spyxo2x lamboluvr
@lamboluvr, Hahahah, reminds me of a thing a person once said

-What happens if they dump it to $1?

-I'll buy it all up
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lamboluvr spyxo2x
@spyxo2x, $1? I'd buy and hold for years!! I don't think $1 would happen though because can you imagine buying up 1000 ETH for $1 and one day selling that 1000 ETH when price reaches like $1000. Someone got that lucky when ETH first was born back in 2015 I believe but I dont' think it can happen again.
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spyxo2x lamboluvr
@lamboluvr, Well, someday all these coins will drop to 0, new coins will take place. Also if Fiat fails, would be pointless comparing ETH to a dollar. Don't forget that Quantum Computers are on the verge of being easily publicly accessible - a threat to all current forms of encryption.
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lamboluvr spyxo2x
@spyxo2x, I don't think all these coins will drop to zero. The stock market hasn't dropped to zero and it won't. Cryptocurrency will be stock market 2.0 in years I believe. Cryptocurrency is still in its infancy, it only received mass public attention last year. It's got a LONG way to go with wall street adoption, ETF's, government regulation and acceptance, mass adoption. I don't think crypto will just die off a few years from now out of nowhere. That's my opinion.
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spyxo2x lamboluvr
@lamboluvr, Oh I didn't mean in the near future. Only the Quantum issue is breathing down crypto's neck as near future threat. Alas, I'm sure we will create quantum crypto, only hopefully in time to transfer BTC, ETH etc into Quantum Crypto before their encryptions fail.

Putting this scenario aside, I also believe Crypto is here for a long time - but not forever. Progress doesn't wait, better coins will come out and overtake all the current ones - not in the too distant future. Don't mix that up with the end of crypto though, only evolution ;)
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botje11 lamboluvr
@lamboluvr, I don't think we should drop that much, dont think there will be future left for this market if that happens
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