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RE: Research Firm says ICOs aren't selling their war-chests
It's ironic because ETH is the main reason I made any profit in crypto, I bought some on a whim when it was $13. Barely paid attention to crypto for months but then noticed it had pumped insanely over $300.
Used that to start buying STEEM and altcoins at their peak in Spring 2017. The whole time I couldn't believe how high ETH was valued. It seemed insanely overestimated. So it doesn't surprise me it's dumping, what surprises me is how long it took to do so.
Many of the altcoins have fallen to test their early 2017 support levels and even gone below that in some cases. In my view it's not out of the question for ETH to fall much more from here.
Agreed. The question then becomes do the rest follow suit? Are prices destined to return to pre Spring 2017 levels. If that is the case, we might see steem sub $.10 again. Ouch that would not be fun..,
Oh man, who even knows at this point. I've seen a few traders state that the next significant support level for STEEM below this point is around $0.30. If we really revisited $0.10.... 😧 It would be majorly painful. :-(
There should be some support around $.50 as well. Also where we are currently is close to the previous support. I don't fully agree with the notion of no support till about $.30, though I will secede that there isn't really strong support. Though, we should have had strong support around a $1 and we knifed through that like nothing, so perhaps support doesn't mean much in our current environment.
Yeah, I agree, I would be surprised if it fell immediately to $0.30. One thing that's so brutal in the bear market is the trading volume being so low. I wonder if we'll touch one of those lower supports and then see some bullish action with the release of the Velocity Hard Fork?
I'm not worried about Steem as long as I have BTC on Bittrex... Nice exchange otherwise, but deposit limits and withdrawal fees are ridiculous... I've been hoarding Steem since HitBTC closed its wallets.
You think steem will be fine longer term?
Lower the value falls, more people will buy Steem, because they know it has potential to climb up very high. As long as it doesn't fall below the value people are still willing to sell, there is no reason for panic.