Ethereum Price Analysis: Probably a Great LONG-Term and Short-TeSo, let’s not make any bones about it.
I was wrong on this call.
Unfortunately. Stopped out!
Above is a look at Ethereum on the H6 chart. I pick the H6 because it tends to give me the best of both worlds when it comes to the lower TF charts.
What Happened
So, as the price of Bitcoin (specifically) spiked, Ethereum did not go up with it. This is the case for many of the other altcoins in the market during Bitcoin’s run up to $6.9k.
However, as the price of Bitcoin began to consolidate it’s way back down to the sub-$6.5k range, the rest of the market continued to plummet with it.
As you can see in the screenshot above, Ethereum was no exception.
Ultimately, despite me being wrong, it wasn’t an egregious mistake because the price of Ethereum hasn’t necessarily gotten throttled.
Currently, it’s down about 7% from where it was at the entry of the trade that I had recently listed. The S/L was only 3% down to maintain our >1:2 R/R ratio.
There’s definitely potential for a double-bottom if you look at it correctly on the chart above.
I made it a little easier to identify with the golden circles.
Of course, the price would need to breach $318 first.
Fibonacci Levels
For those that believe in the Fib levels, this price has buoyed right against that 78.6% retracement mark rather well (this is on the daily).
Conclusion
This is a fairly short analysis, because I didn’t think we needed to do too much with this.
The price is pretty self-explanatory at this point when it comes to $ETH and we’ve already laid out the overhead resistance points.
I don’t anticipate that the “bottom” for $ETH is more than 50% below where the price is at this very second, and that’s probably true for most projects in the T100, so buying here and just holding for the long term isn’t a terrible decision at all.
In my opinion (not financial advice), if you are not a trader but you’re still someone that is looking to hop in the markets and make a couple bucks from holding some good positions, Ethereum looks like it’s a good buy.
I’m not sure how long that it’ll last in the grand scheme of things, but I imagine that it will one day surpass the price that it is at now. If it doesn’t, then it’s just simply going to die. So, we’re getting at that point in the bear market where you either have to “believe” in the tech itself, or accept that it’s going to die. Pick one.
And if you believe in it, then investing at this point sounds like a righteous idea. If not, then stay the hell away!
