Ethereum has appreciated a whoping 100,000% (one HUNDRED THOUSAND) in under 3 years.
Even if the project is cool and has potentially a lot of applications in a futuristic future, the reality is right now it is a solution looking for a problem.
It's only use is pure speculation and the "ICO" fever. As the good old dotcom bubble IPOs, the ICOs are collecting money with nothing. They just need a whitepaper and they'll be thrown millions in a matter of minutes.
My fundamental analisys is that all this fever will necessarily be over with the bitcoin blow off phase.
ETH tokens will loose usd value due to the bearishness of bitcoin and the whole cryptomarket, that will scare the companies that ICO'ed and have all their funds in ETH, and the sell off will start. How low it can go? Unpredicatable. I'm expecting an aggresive first wave of dumps over the next days/weeks.
Technichally we have Stoch RSI crosing bearish in weekly charts and the crossover already happened in daily charts.
We have a daily RSI bear divergence. Coupled with a MACD trying to turn down.
The, yet to be closed, weekly candle is looking as a hammer, potentially signaling a reversal.
Both daily and weekly MACD have a scary room to go down, and they will eventually need to do it.
Targets based in fib levels and EMA's supports. We'll need to take a look to the trendline in case we go sideways.
Stop-loss at ATH.
Even if the project is cool and has potentially a lot of applications in a futuristic future, the reality is right now it is a solution looking for a problem.
It's only use is pure speculation and the "ICO" fever. As the good old dotcom bubble IPOs, the ICOs are collecting money with nothing. They just need a whitepaper and they'll be thrown millions in a matter of minutes.
My fundamental analisys is that all this fever will necessarily be over with the bitcoin blow off phase.
ETH tokens will loose usd value due to the bearishness of bitcoin and the whole cryptomarket, that will scare the companies that ICO'ed and have all their funds in ETH, and the sell off will start. How low it can go? Unpredicatable. I'm expecting an aggresive first wave of dumps over the next days/weeks.
Technichally we have Stoch RSI crosing bearish in weekly charts and the crossover already happened in daily charts.
We have a daily RSI bear divergence. Coupled with a MACD trying to turn down.
The, yet to be closed, weekly candle is looking as a hammer, potentially signaling a reversal.
Both daily and weekly MACD have a scary room to go down, and they will eventually need to do it.
Targets based in fib levels and EMA's supports. We'll need to take a look to the trendline in case we go sideways.
Stop-loss at ATH.
Comment:
And just happened.
Almost a 50% drop.
Top called 8)
Almost a 50% drop.
Top called 8)
Will target 3 happen?