djthistle01

Ethereum (ETH): The downtrend that never ends

KRAKEN:ETHXBT   ETH / XBT
The chart is the long view on Ethereum             , and boy-oh-boy it is hanging on by a thread. Price is trying to make a triple bottom historically and a double bottom of this bear market in the 0.0023-0.0021 range. Every time it tries to breakout it gets rejected at the downtrend resistance. Best guess says that the only people that could be selling this much coin would be either be from the ETH team or Augur’s ICO/IPO ETH wallet is being emptied. This is one more reason to take the safe long versus accumulation of a position. If an entity has a lot of coin they can short the market while selling down a very long way.



Considering the EMA , sloping resistance trend, and final support zone are all converging it seems far more prudent to go long after the first green line is surpassed. If the final support does not hold there is noting stopping it from free falling to 0.001, and that is not a long you want to be stuck with.



Chart is powered by the SCMR             Trends Analysis Suite on Tradingview.com
http://www.coinstreetnews.com/2015/10/ethereum-eth-oct-7-2015/
this coin is destined for correction whether its fans like it or not. most of the eth bagholders are in denial, hoping for some miraculous run up when smart hands (early buyers and devs mostly) had been offloading their excess for weeks. in fact whales are waiting on sidelines fattening up average joe for slaughter.. we definitely haven't reached accumulation point as it's still expensive and above initial offering price. the max this can rally is 0.004x but definitely not 0.01x levels as it's already mirage.
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Nice call. Long line broke. Any update/targets?
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Yeah, that shitcoin is really overpriced. I'm going to wait couple months and buy some when its literally worthless.
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