Crypto Update: A Nearer-term "Warning" About the Ethereum Price

in #ethereum6 years ago

Everyone who knows me knows that I am bullish on Ethereum (ETH).

In fact, I'm more bullish on #Ethereum than many Russian #crypto investors. Nevertheless, I'm also objective, which is always important when analyzing the #investing markets, no matter what they are.

Before I get into it, let's check out the #Japanese candlestick chart for Ethereum:

Ethereum-candlestick-chart.jpg

Here are some key takeaways:

  • Prior to E/Jan, B/Feb of this year, $1,000 was a key support line
  • Currently, $1,000 is now acting as a resistance line
  • Ethereum is having trouble popping past this barrier

Again, let me stress that I am long-term bullish on Ethereum: please, no hate-mail or angry responses!!

However, I can't help but notice that even Ethereum's highs of the session haven't touched $1,000 since early February; therefore, we may see some nearer-term consolidation before Ethereum breaks free of this frustrating phase.

Long-term, I'm looking for a high-end price target of $3,000 by E/2018, B/2019. My low-end target for end of year is $1,800.

Thanks for reading, and stay tuned for my next crypto update!

#cryptoupdate #ethereum #crypto #cryptocurrency

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For those unaware of Ethereum's fundamentals, a target price of $3,000 by the end of 2018 might sound crazy. However, it is not! Just look at this article by Launey for the Cointelegraph on the Ethereumization Of Wall Street: http://bit.ly/2Gsmjbd - 80% of the cryptocurrency market on based on Ethereum. That's just nuts!

Great, great point! Thanks for the link! :)

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