Ethereum: A Marketwide MergeThe entire Cryptocurrency market is about to undergone a "merge" type of situation, that is, everybody is about to lose money...
Good evening my fellow traders, how are you feeling in this wonderful day?
The weather is pretty strange over here, looks tricky, just like these charts.
The action between early August and now for ETHUSDT forms a bearish flag; bearish consolidation. The result of a bearish flag is the continuation of a bearish move. The continuation of the bearish move that started in March 2024 would lead to a new low. This new low would be equivalent to a lower low compared to August.
In this chart, there will be three stops:
1) $1,900
2) $1,750
3) $1,600 - $1,500
This is not just a drop but a down-move, the continuation of the bearish wave, the final leg down of the corrective phase that started earlier this year. This means that this won't be over in a flash. The bottom yes, it will happen fast but the move will develop throughout several days or weeks. It has been going for months now, Ethereum produced no real pull-back, the recent bullish action was weak.
Seeing some other Altcoins, we can say that there was some growth. Looking at Ether, ETHUSDT, we know that we will soon experience another low.
Since the market is interrelated, you can expect everything to move down; most of the pairs but not all.
This will open the doors for new players to enter the market and for smart traders to buy low.
Once the bottom is in, the rest is easy; buy and hold.
Buy and hold thinking of the long-term.
Buy and hold and accumulate.
Let it drop, then buy all throughout 2024 to sell only in 2025 after we experience major growth.
The market will speed up after February 2025. The first two months of 2025 will be going green. In late 2024 we will have the recovery. The correction happens now, it is set to end now.
Prepare to be merged.
Namaste.
