Logscale trendlines have broken down so back to linear scale
Last Bullish macro trendline since the 2017 charts at least
Covid down wick to the LUNA 3AC/FTX credit crunch wick
and and we just tested beneath and bounced a bit
Full Blood moon eclipse (which was the LUNA FTX crashes coincidentally) is in 2 days
so potential for another crunch type move there...
if we loose this trendline, previous bear market targets of the LUNA collapse and then 2017 cycle high is in range
The infrastructure built on ETH especially since then has been incredible and I personally cant see the network going to 0 any time soon, that being said the networks function at any price..
Not sure what catastrophic event could cause this complete breakdown, especially given cryptocurrencies fairly widespread adoption from companies to governments... BTC particularly
that being said eth is the peoples chain with much greater functionality than BTC and still has much greater decentralization than any other copycat chain, scaling has gone very well so the gas problem isn't really an issue like it was particularly utilizng the L2's
only chain that hasnt had downtime since it went offline..
how to accurately value these chains is difficult for the market broadly as they are so new..
only chain ive seen that could threaten eths viability is the new hypercore/hyperevm dual chain given how useful the hypercore is... long term ETH BTC thesis remains valid in my eyes..
If the bullish market structure is to remain in tact, it would have to bounce over the coming months otherwise we may have seen peak valuations for the time being.
The main thesis for crypto currencies being that a global reserve currency is impossoble to manage and hyperinflation will continue unchecked until people are forced to adopt something with actual scarcity and the netowrks continueing volatility forces greater decentralization.
Mostly i think quantitive easing will continue for now and bullish market structure holds due to this.
Last Bullish macro trendline since the 2017 charts at least
Covid down wick to the LUNA 3AC/FTX credit crunch wick
and and we just tested beneath and bounced a bit
Full Blood moon eclipse (which was the LUNA FTX crashes coincidentally) is in 2 days
so potential for another crunch type move there...
if we loose this trendline, previous bear market targets of the LUNA collapse and then 2017 cycle high is in range
The infrastructure built on ETH especially since then has been incredible and I personally cant see the network going to 0 any time soon, that being said the networks function at any price..
Not sure what catastrophic event could cause this complete breakdown, especially given cryptocurrencies fairly widespread adoption from companies to governments... BTC particularly
that being said eth is the peoples chain with much greater functionality than BTC and still has much greater decentralization than any other copycat chain, scaling has gone very well so the gas problem isn't really an issue like it was particularly utilizng the L2's
only chain that hasnt had downtime since it went offline..
how to accurately value these chains is difficult for the market broadly as they are so new..
only chain ive seen that could threaten eths viability is the new hypercore/hyperevm dual chain given how useful the hypercore is... long term ETH BTC thesis remains valid in my eyes..
If the bullish market structure is to remain in tact, it would have to bounce over the coming months otherwise we may have seen peak valuations for the time being.
The main thesis for crypto currencies being that a global reserve currency is impossoble to manage and hyperinflation will continue unchecked until people are forced to adopt something with actual scarcity and the netowrks continueing volatility forces greater decentralization.
Mostly i think quantitive easing will continue for now and bullish market structure holds due to this.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.