Ethereum has been dipping this past week until it eventually found bottom along the local high at $1347. This level of support is significant because $1347 is the body of the ATH price created back in 2017. The fact that Ethereum reversed of of this level shows bullish momentum and the coin is in the middle of a reversal going back upwards.
From here, ETH just regained the 2017 ATH price of $1594 level of support and is now trying to regain the channel as support going long towards $1784 and beyond.
After ETH hits $1784 and regains the channel as support, it is 100% obviously back in bullish swing and going to touch $2022 (local high) and beyond.
This shakeout was necessary to kill off all the FOMO and greed in the market, the amount of greed we saw was unprecedented.
@ArtfulDodger1974, majority are not predicting downturn.. sideways then up. Or dip back down to low 40s then up. These days a floor of 40k Bitcoin is bearish for some.
tdno
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@ArtfulDodger1974, I agree, doubt it goes that low... Maybe 43,000 - 44,500 vs bouncing off 48k up.. 50:50, who knows! Either way good idea to have ALTs too imo.