A Big Markdown in Progress?
Ethereum has fallen through closing basis head and shoulders neckline support and is currently testing February spike lows. The target on the exponential chart is $350.00.
Nevertheless, it is extremely oversold and a bounce of some sort is likely, either back up to immediate resistance before failing, or a recovery of that lost support.
Or a complete collapse?
We should have some good answers in the coming days.
Read the "The Dos and Don’ts" here if you're not aware of my rules.
I really don't understand much of this technical analysis, trends and support lines.
I just bought some very cheap ETH.
Think it will be worth a lot more in the future, but maybe I'll get some EOS with it, not sure yet.
Nothing green on Poloniex at the moment. Nothing. Not in USDT. Not in BTC. Everything's red. Everything.
Nice time to buy, or to sell?
That's technical analysis at its most basic, intuitive level. 😉
Unfortunately I think you are completely right. Once the old support at 700 was clearly broken it became new resistance. However, before we get to 350 I expect ethereum to retest new resistance, perhaps even break it a bit above 700. Than this panic selling should take us below 400. No matter what happens I’m setting my buy order at 450 with 20% of my fiat put aside for crypto investment and another 50% at 380. That’s my plan. I hope if this plunge happens everyone gets aboard, this would be our last chance. Of course, if that happens with ethereum, BTS and Steem should follow and that would be a great opportunity as well. We must look at these sell offs from the positive side “Huge Opportunity!”.
Sounds like a plan. $450 was the low so far today on Coinbase! We didn't get any bounce though, and with everything in sell mode, I'm kind of hoping we see some climax selling . . . which could give you your $380 entry.
OMG! That would be disastrous. Ethereum serves as a backbone for some many tokens ouy there though i dont know if a collapse in ether's price will result in a collapse also in the price of tokens built on ethereum blockchain.
EOS is an ETH token, and its chart looks like a mirror image of ETH.
I think we still haven't found the bottom. I understand that people are very scared about this and are losing their shit but come on this is an opportunity.
No panic selling right now
Remember the Golden rule
Buy low and sell high
Volume is picking up. We may get some climax selling in here. Let's keep watching.
At first I wanted to write you a comment, but then I chose to write you a post :))
Answered you over there.
I have just seen it, thank you so much for your reply, you having the same opinion about market as I presented is pretty important to me, because you really know what you are doing, while I just try to learn. Thank you again for the support!
The age old choice...up or down...which way will it go.
To me, even more significant than the H&S is the breaking of the 200 MA....that is extremely bearish. Unless it turns quickly, the next level looks like a move to the $475 range....
Either way, it does not appear from this that the crypto is going to turn any time soon. We might well be looking at significant lower levels before a bottom is found.
Good thing I am a HODLer of what I have. We see BTS hitting levels we thought we would never revisit.
Such is life in the world of crypto....STEEM and BTS getting killed, you know there is something wrong with the world. LOL
The 200 dma is big alright. Same thing going on with BTC with respect to the 200, but there the Feb. lows are holding. I'm thinking BTC could regain its 200 dma in a healthy way while ETH doesn't. Time will tell, but ETH looks very weak to me . . . relative to its competitors anyway.
I'm not so sure the cream of the crop languishes for too long down at these firesale prices. STEEM and BTS could come screaming out of their lows. They could double literally overnight (which wouldn't take all that much either, coming from current levels). In fact, I'd say the odds of an overnight double in both are much better than those for an extended stay at current levels or even lower levels. Just my opinion though.
Edit: $1.385 STEEM just traded on the BitShares DEX.
I will have to state I never thought we would see these levels again on BTS and STEEM. I was convinced sub $2 STEEM was a thing of the past. I just wish I was liquid at this point.
Oh well, I was happy with my holdings in these tokens a month ago and I am happy today. STEEM, of course, I can keep earning, but BTS I will have to sit pat.
If we hit the $300 level in BTS, it wont matter much...another 5K or 10K will mean little. LOL.
ETH is an odd one. I think a lot of the good news about it has sailed. BTC is still the granddaddy in terms of how people view the crypto world from the outside. Ripple seems to have replaced ETH on the wish list of all the novices.
Perhaps SMTs will put STEEM on the front page with a new ICO craze.
If ripple has replaced ETH then we may be getting close to the end for the overhyped non-starters.
Yes, these prices on STEEM and BTS have surprised me too, but I agree that once we're at $300, a couple of cents here and there won't make much difference, although it really will, but that's a matter of luck, and who will be counting. 😄
$300 BTS sounds so outlandish on one hand...and on the other, it seems almost like a given.
It is really weird but that price seems to make a lot of sense given all that @stan mentioned with BTS 3.0. That is really exciting. There are a lot of EOS bulls out there (for good reason, betting against @dan isnt smart) yet it seems that EOS will be part of the BTS network. Basically @stan feels BTS should be part of any blockchain created on the EOS network.
To me, that really does sound amazing since we know there will be a lot of blockchains created on EOS if it is anywhere near as good as advertised.
The market seems to agree that EOS is the strongest of the three, on a relative basis these last 4 days. I think that means the more conservative of new fiat coming into crypto likes EOS. It's such a high profile "game changer" that it's able to catch more attention from high net worth investors than STEEM or BTS have been able to get. That's just my perception and gut feeling though, but I think that could be the case, and, if so, it's a matter of time until @stan gets things fully in sync.
It will be interesting what STEEM will do...@stan does not seem to mention anything with STEEM and EOS and considering the right betwene @ned and @dan, I would guess nothing is going to happen with the two.
SMTs appear to be the thing that STEEM is going to depend upon. BTS looks like it will be penetrating the EOS blockchains...at least that is @stan's goal.
Ethereum is fundamentally impacted from the latest news on regulation. Given the rhetoric from some of the government agencies about ICOs potentially being categorized as securities, Ethereum demand will probably be less given the uncertainty of future issues. If you combine this with the technical performance, Ethereum has the potential to be weaker than the rest of the market.
I see it as being a laggard too - for lots of reasons.
350$ indeed act as a big support.
However there is also the 470$ support from a previous bull flag, which correspond to the 78.6% Fibonacci retracement (swing low: 200$, swing high: 1430$, Bitfinex)
Will it hold at this level, it's too soon to know it.
What's more fun would be theorizing about what would happen in case of a complete collapse of Ethereum 😈, maybe this would make some big flow of money to others smart-contract platforms (remember all those so-called "ethereum killer"), or maybe to less flexible but more secure API based platforms like Ardor (shameless shill)?
Personally I'm not into ETH and I have faith in my coins (I also hold STEEM and BTS like you), therefore these kind of horrible scenarios are more divertissement than fear for me.
Have fun trading
That wick bounced exactly on 470$ 😉
It got down to $450 on Coinbase/GDAX, but I still see good odds in ETH making lower lows in the short run.
@cryptographic,
Somehow you know I am not a believer of ETH! So whatever it takes, I am out of it! But with this price drop, my real life earnings (Sri Lanka Rupees [LKR]) converting to USD, then STEEM and BTS!
I hope to hear your market analysis about these coins as well! But I do believe the current drop of all crypto is just temporary and when it rise back STEEM, BTS will be the main BULL trend holders and they will act as main ROI generators as well!
Great market analysis and thanks for sharing these updates while most of crypto players are in a panic moment!
Cheers~
Still not looking so good for STEEM, but BTS and EOS are looking a bit better. ETH still looking sick too.
An excellent overview and against the background of a general correction of all crypto currencies, the Ethereum also continues to fall and your question for is quite relevant.
The perspective of the etherium in 2018 is a popular user question. Acquisition of the Crypto currency, exchange for real money and other aspects depend solely on the growth forecast. Frequent jumps in the course of such a currency become a real find for active traders who profit on the difference in the changes in the cost of the Ethereum unit. Counting, whether Ethereum will grow, it is possible to draw an analogy with the last year. So, the possible growth at the end of the first half of 2018 may be around $ 350, and by the end of the year to approach the mark of 400-450 dollars. But I think that as long as we follow these figures, the price of the Ethereum in the near future can settle below $ 300, here is the moment of truth and the most convenient time to buy. Of course this is only a forecast and each of us must decide the distribution of its assets! Thank you @cryptographic
It could maintain a relative long term more sustained trajectory. That wouldn't be out of the ordinary. At least for a couple of years anyway. 😉