ETH Price Going South Soon?
Don't hold your breath waiting for a fresh Ethereum price rally. There's a more than a decent chance price is in for a serious correction in the near future.
To understand why we must first think about why it inflated in the first place. A number of high-profile ICOs were held within the Ethereum ecosystem in the last two months created a strong demand for ETH and the price grew accordingly. In the unprecedented celebration of greed a huge amount of ETH was exchanged for massively overpriced tokens. That Ether is soon to be released on the market in order to finance development of the projects putting some degree of pressure on the price of the coin.
Any price drop is almost certain to create further selling pressure for one simple reason - other ICO companies with ETH holdings will be very much interested to sell at lest part of their ETH before the price drops any further because they know need they will need to invest in development in the near future. Long-term investor doesn't care about short-term price drop, but the companies that need to pay their developers know better then to wait for their holdings to lose half of its value by the time they decide to exchange. That of course will create an avalanche of panic among the ordinary Joe investors (AKA dumb money) who bought ETH for the price of 0.11 BTC after hearing his dentist talk about it.
When they start selling big time is when I plan to buy some ether.
So how low can the price drop?
Price levels in early and mid June (Source: conigy.com)
Personally I will be waiting for it at familiar post Gnosis ICO levels. As can be seen from the image price was oscillating around 0.05 between June 9 and June 20. I would be very surprised if it didn't test those levels again in the next month or two. I would feel comfortable buying some ETH around those levels, but I also plan to have an order far below that price in case of massive whale dumps and colossal panic sells.
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The only way is up :D
Actually there are two ways, up and down.
On the long run, it's only up.
On the long run it's likely up. Nothing is certain apart from death.
True :D
Sold mine. Watching intently :/
ja deffos before it climbs again
think the whole stock market is about to make a heavy correction so don't hold your breath better to have cash on the side here and wait untill this story unravels...same goes for cryptocurrencies with even more hot air in it!
Nice post. Nice to meet you. I just joined Steemit 10 days ago and I am excited reading your posts :D
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