Why ETH is losing it's value and why it has dropped so much?
Check out these two great article about this topic!
https://twitter.com/real_vijay/status/1038646626837917697
https://medium.com/@tetrascapital/ether-eth-bearish-thesis-the-flippening-of-market-irrationality-8633e70ab498
Check out these two great article about this topic!
https://twitter.com/real_vijay/status/1038646626837917697
https://medium.com/@tetrascapital/ether-eth-bearish-thesis-the-flippening-of-market-irrationality-8633e70ab498
Twitter
Vijay Boyapati
1/ #Ethereum is crashing (not just in USD terms but in BTC terms); has the demand for a decentralized world computer disappeared, or is something else at play? Let's consider the fundamentals from an economic point of view.
#Ethereum
We saw 2 weeks price testing $245 price level and last week it finally closed below.
On the weekly time frame, next support is $210.
On the daily time frame, we can see an empty space exactly to that weekly price level so on Ethereum we are not in a position but looking for short entry targeting the area around $210.
It is very simple, we got close below important weekly support that is not acting as a resistance. As long as we are below that resistance, we can target next weekly support and in this case, it is $210.
We saw 2 weeks price testing $245 price level and last week it finally closed below.
On the weekly time frame, next support is $210.
On the daily time frame, we can see an empty space exactly to that weekly price level so on Ethereum we are not in a position but looking for short entry targeting the area around $210.
It is very simple, we got close below important weekly support that is not acting as a resistance. As long as we are below that resistance, we can target next weekly support and in this case, it is $210.
#Ethereum
The closure above resistance triggered $400 as the next target. The space between $300 and $400 is empty to close above the resistance is a very good sign and we do believe ETH is ready for the move.
The invalidation would be bearish engulfing on the previous weekly candle that would close below broken resistance and considering the upcoming monthly close, that would be very bearish for ETH.
The closure above resistance triggered $400 as the next target. The space between $300 and $400 is empty to close above the resistance is a very good sign and we do believe ETH is ready for the move.
The invalidation would be bearish engulfing on the previous weekly candle that would close below broken resistance and considering the upcoming monthly close, that would be very bearish for ETH.
#Ethereum
After a while ago, we have Ethereum looking more bullish than Bitcoin. Is this a sign of potential alt season?
We closed above resistance, retested it two previous weeks and everything is set for moon mission this week.
If we have to chose between shorting Bitcoin and longing Ethereum, Ethereum setup looks way better.
This is our primary focus for a week ahead.
It also makes us less bearish on Bitcoin setup and if we take some shorts, it will be just short-term scalp trade.
The target for ETH is definitely $400 or at least previous high at around $370. However, it is hard to imagine price taking out that high and not reaching $30 higher.
After a while ago, we have Ethereum looking more bullish than Bitcoin. Is this a sign of potential alt season?
We closed above resistance, retested it two previous weeks and everything is set for moon mission this week.
If we have to chose between shorting Bitcoin and longing Ethereum, Ethereum setup looks way better.
This is our primary focus for a week ahead.
It also makes us less bearish on Bitcoin setup and if we take some shorts, it will be just short-term scalp trade.
The target for ETH is definitely $400 or at least previous high at around $370. However, it is hard to imagine price taking out that high and not reaching $30 higher.