The current Ethereum chart how a cardiologist might see it (+ small SBD giveaway challenge)
Good evening Steemiacs, especially the crypto enthusiasts and traders among you!
Apparently, I was going through the charts of my biggest holdings one time too many. First I didn't believe my intuition, but when I looked closer I discovered a peculiar pattern on the hourly ETH/EUR chart, likely not having been described before in technical analysis!
Looking at charts or reading coffee grounds - what's more accurate?
So I was like: let's see how the last week went for ETH on a 3hr candlestick chart:
Turn this into a smooth line:
Remember what you learned in physiology and cardiology:
This is the normal sinus rhythm of the human heart as measured by electrocardiography (ECG). The beating of the heart is, in principal, driven by rhythmic and periodic flows of electric currents. Positively and negatively charged particles, so called ions, move in and out of specialized cells to generate a temporally and spatially organized travel of electric potential differences through the whole heart.
This electric activity of the heart can be picked up by electrodes placed onto specific positions of the human torso. The recorded electrocardiogram reflects the electric field changes dependent on time. Physicians can interpret the results and tell if a heart shows a normal pattern of electrical conduction.
Watch this very short video for a visualization how the ECG readout correlates with electric charge travel along the heart:
Let's project the ECG pattern onto the Ether chart:
Holy bananas! We are witnessing a heartbeat in Ethereum's history - it's beating!
But wait a second, where is that ST segment that you would normally see?
Let's look at this exemplary ECG chart juxtaposition:
Compare it to Ether's chart and you realize: Ether's having an ST depression!
What is an ST depression – a seasonal disorder? No, it's a descriptive term for what you see on the ECG chart, a missing ST segment that is substituted by a shallow and prolonged S peak.
ST depression is usually observed when an ECG is recorded while a patient is subjected to a stress test, i.e. he or she has to perform some exercise in order to tax the cardiovascular system. Under these challenging conditions a pre-existing heart condition can be detected.
In this case, an ST depression is a sign of underlying myocardial ischemia, often caused by an obstructed coronary artery – a vessel that provides the heart muscle with oxygen and nutrients. Upon exercise, the heart has to work harder and therefore needs more oxygen and nutrients that cannot be sufficiently delivered if a crucial logistical path is jammed. Therefore the patient might experience angina pectoris – chest pain.
So what's up with Ethereum? Maybe it's exhausted after the stunning run we had seen it perform in November?
Let's give Ethereum a break, so it doesn't suffer a heart attack (and its long-term holders neither)!
I am wondering though, is there a need to fix Ethereum's cardiovascular issue? What are your thoughts on the current status of Ethereum development?
If you've read so far, feel free to give a price prediction for Ether in the upcoming weeks! Which price movement does the ST depression chart pattern anticipate?
Whoever get's it right, will have the right to claim their own name on this new TA pattern AND will receive 25% of this post's SBD payout if he/she guesses the price for Ethereum right for December 21st within the daily range in CET on a specified exchange of choice, und upvotes this post. Upon multiple winners, the prize will be distributed equally among them.
(1), Harry Herman Roseland (1866-1950), Reading the Tea Leaves
(2), (3), (5) Charts displayed by www.tradingview.com