Ethereum back to $184 by January? >:^)&Right now, ETH is reaching some historical price levels that acted as support and resistance from 2017. What I'm seeing is kind of an upside-down fractal from the start of the bull run, about where the price is now. The rapid increase in dollar price during the months of May and June is comparable to the rapid decrease in the last couple of months, notably the fact that there were 5 green candles in a row followed by a massive retracement. Now we have had 5 red candles in a row. Does it not seem logical that at these price ranges, we could expect to see the reverse happen? The $84 level where we bounced could be a local low for the coming weeks, as it was an important level in 2017. The most bullish scenario would see huge buying volume in the coming weeks, essentially setting a double bottom from 18 months ago.
Having run the numbers, if the retracement is proportional to 2017 bullrun, ETH could see a return to the mid one-hundreds by January. This is supported by the RSI also being at a historical bounce level, but it has been even lower in the past.
Furthermore, I'd like to point on the volume situation we have here is much greater than the volume in the first fractal, which could mean that capitulation is already happening and this bullish scenario is out of the question until we go even lower on the RSI and it starts to turn upwards.
Alternatively, if we break below the $84, there is little support, and capitulation may happen, so somewhere a little lower than that could be a decent stop-loss. What happens will depend heavily on BTC's movements, which I will aim to make an analysis about later.
Just wanted to throw out this Ethereum chart as another way to look at things from the general bearish sentiment :) Could it be possible? Let me know in the comments.
