Ethereum second crash deeper than first?
I took a huge risk last night, I looked at Ethereum and came to the conclusion it moved too fast in it's massive ascent to $400 some weeks ago and when we saw it drop to $210 a few days ago, coupled with the overall direction of graph, maybe ETH is currently overvalued. At the time of writing this blog ETH is valued at $293.98 and dropping from it's recent rally of $330 or so. Could ETH crash again? I think so. I think ETH may crash below $200 this time as a serious correction to it's all too quick ascent to $400. I sold all my ETH at $300 to invest in other newer cryptocurrencies with more potential for growth, I made the choice last night that if ETH gets to the low $200s again (It may go down to $170s) I will buy it, because I believe in ETH and it's long term possibilities, but right now, I feel like it grew too fast too soon for too much and we are now in for a big correction.
That's the thing that is so exciting about cryptos, it's a rush trying to figure out what will happen, I may have made a big mistake last night but either way I think some of these newer coins I invested in have a lot more room for exponential growth and am excited about them.
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That is a calculated risk, but it is good that you are following a strategy. ETH is currently very volatile so there's a good chance you will be able to buy again soon. If not you are buying other alts, which is always fun!
Thanks yeah, I bought all my ETH at 200 - 220, I really think it's going down further than 200 for a bit, like I said I'd buy it again for 200 or so.... but right now there are a lot of new coins coming out that look really good to me. So it was a huge risk, but you know the saying... without risk, no rewards.
Congratulations on having the will to take that chance! I think you are right about you assumptions.
@grizzman since I wrote this post the price went down to $282 ... I fully expect it to reach $170
prices are going downnnnnn
This previous crash was crazy that someone faked his death LOL! :D How desperate can you be haha
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It's definitely a risk especially with the way the markets have been lately. I personally think ETH will have a large correction in the near future & then slowly gain ground. I have an opinionated vision that it will act similar to BTC back in the day when it went up fast & then had a extended period of lows. There are so many other alts that are based off of ETH that I believe it would be hard for it to crash real hard for a while. The $170ish range is an area I've been waiting for & I think it has a chance to get there. On another note, since ETH and many other cryptos are in consolidation stage, if not a slight downtrend, I think it's more profitable to exit the position & find something that has room to grow in the near future like you did. Of course there's always that chance ETH will find support where it's at & then just keep climbing, for everyone's sake, I kind of hope it doesn't happen. But then again, what do I know, I'm not a professional. :)
Nice article. Nice to see I'm not the only one who thinks like this. The blockchain is here to stay. No matter what any crypto will do in the upcoming years. I think that's a conclusion we can make by now. I was wondering if anyone of you uses: https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes. For example: https://www.coincheckup.com/coins/Ethereum#analysis To watch Ethereum Investment and research analysis.