A Big Markdown in Progress?

in ethereum •  7 years ago 

Ethereum has fallen through closing basis head and shoulders neckline support and is currently testing February spike lows. The target on the exponential chart is $350.00.

ETH17032018.jpg

Nevertheless, it is extremely oversold and a bounce of some sort is likely, either back up to immediate resistance before failing, or a recovery of that lost support.

Or a complete collapse?

We should have some good answers in the coming days.


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I really don't understand much of this technical analysis, trends and support lines.

I just bought some very cheap ETH.

Think it will be worth a lot more in the future, but maybe I'll get some EOS with it, not sure yet.

Nothing green on Poloniex at the moment. Nothing. Not in USDT. Not in BTC. Everything's red. Everything.

Nice time to buy, or to sell?

That's technical analysis at its most basic, intuitive level. 😉

The target on the exponential chart is $350.00.

Unfortunately I think you are completely right. Once the old support at 700 was clearly broken it became new resistance. However, before we get to 350 I expect ethereum to retest new resistance, perhaps even break it a bit above 700. Than this panic selling should take us below 400. No matter what happens I’m setting my buy order at 450 with 20% of my fiat put aside for crypto investment and another 50% at 380. That’s my plan. I hope if this plunge happens everyone gets aboard, this would be our last chance. Of course, if that happens with ethereum, BTS and Steem should follow and that would be a great opportunity as well. We must look at these sell offs from the positive side “Huge Opportunity!”.

Sounds like a plan. $450 was the low so far today on Coinbase! We didn't get any bounce though, and with everything in sell mode, I'm kind of hoping we see some climax selling . . . which could give you your $380 entry.

Or a complete collapse?

OMG! That would be disastrous. Ethereum serves as a backbone for some many tokens ouy there though i dont know if a collapse in ether's price will result in a collapse also in the price of tokens built on ethereum blockchain.

EOS is an ETH token, and its chart looks like a mirror image of ETH.

I think we still haven't found the bottom. I understand that people are very scared about this and are losing their shit but come on this is an opportunity.
No panic selling right now
Remember the Golden rule
Buy low and sell high

Volume is picking up. We may get some climax selling in here. Let's keep watching.

At first I wanted to write you a comment, but then I chose to write you a post :))

Answered you over there.

I have just seen it, thank you so much for your reply, you having the same opinion about market as I presented is pretty important to me, because you really know what you are doing, while I just try to learn. Thank you again for the support!

The age old choice...up or down...which way will it go.

To me, even more significant than the H&S is the breaking of the 200 MA....that is extremely bearish. Unless it turns quickly, the next level looks like a move to the $475 range....

Either way, it does not appear from this that the crypto is going to turn any time soon. We might well be looking at significant lower levels before a bottom is found.

Good thing I am a HODLer of what I have. We see BTS hitting levels we thought we would never revisit.

Such is life in the world of crypto....STEEM and BTS getting killed, you know there is something wrong with the world. LOL

The 200 dma is big alright. Same thing going on with BTC with respect to the 200, but there the Feb. lows are holding. I'm thinking BTC could regain its 200 dma in a healthy way while ETH doesn't. Time will tell, but ETH looks very weak to me . . . relative to its competitors anyway.

I'm not so sure the cream of the crop languishes for too long down at these firesale prices. STEEM and BTS could come screaming out of their lows. They could double literally overnight (which wouldn't take all that much either, coming from current levels). In fact, I'd say the odds of an overnight double in both are much better than those for an extended stay at current levels or even lower levels. Just my opinion though.

Edit: $1.385 STEEM just traded on the BitShares DEX.

I will have to state I never thought we would see these levels again on BTS and STEEM. I was convinced sub $2 STEEM was a thing of the past. I just wish I was liquid at this point.

Oh well, I was happy with my holdings in these tokens a month ago and I am happy today. STEEM, of course, I can keep earning, but BTS I will have to sit pat.

If we hit the $300 level in BTS, it wont matter much...another 5K or 10K will mean little. LOL.

ETH is an odd one. I think a lot of the good news about it has sailed. BTC is still the granddaddy in terms of how people view the crypto world from the outside. Ripple seems to have replaced ETH on the wish list of all the novices.

Perhaps SMTs will put STEEM on the front page with a new ICO craze.

If ripple has replaced ETH then we may be getting close to the end for the overhyped non-starters.

Yes, these prices on STEEM and BTS have surprised me too, but I agree that once we're at $300, a couple of cents here and there won't make much difference, although it really will, but that's a matter of luck, and who will be counting. 😄

$300 BTS sounds so outlandish on one hand...and on the other, it seems almost like a given.

It is really weird but that price seems to make a lot of sense given all that @stan mentioned with BTS 3.0. That is really exciting. There are a lot of EOS bulls out there (for good reason, betting against @dan isnt smart) yet it seems that EOS will be part of the BTS network. Basically @stan feels BTS should be part of any blockchain created on the EOS network.

To me, that really does sound amazing since we know there will be a lot of blockchains created on EOS if it is anywhere near as good as advertised.

The market seems to agree that EOS is the strongest of the three, on a relative basis these last 4 days. I think that means the more conservative of new fiat coming into crypto likes EOS. It's such a high profile "game changer" that it's able to catch more attention from high net worth investors than STEEM or BTS have been able to get. That's just my perception and gut feeling though, but I think that could be the case, and, if so, it's a matter of time until @stan gets things fully in sync.

It will be interesting what STEEM will do...@stan does not seem to mention anything with STEEM and EOS and considering the right betwene @ned and @dan, I would guess nothing is going to happen with the two.

SMTs appear to be the thing that STEEM is going to depend upon. BTS looks like it will be penetrating the EOS blockchains...at least that is @stan's goal.

Ethereum is fundamentally impacted from the latest news on regulation. Given the rhetoric from some of the government agencies about ICOs potentially being categorized as securities, Ethereum demand will probably be less given the uncertainty of future issues. If you combine this with the technical performance, Ethereum has the potential to be weaker than the rest of the market.

I see it as being a laggard too - for lots of reasons.

350$ indeed act as a big support.
However there is also the 470$ support from a previous bull flag, which correspond to the 78.6% Fibonacci retracement (swing low: 200$, swing high: 1430$, Bitfinex)

Will it hold at this level, it's too soon to know it.
What's more fun would be theorizing about what would happen in case of a complete collapse of Ethereum 😈, maybe this would make some big flow of money to others smart-contract platforms (remember all those so-called "ethereum killer"), or maybe to less flexible but more secure API based platforms like Ardor (shameless shill)?

Personally I'm not into ETH and I have faith in my coins (I also hold STEEM and BTS like you), therefore these kind of horrible scenarios are more divertissement than fear for me.

Have fun trading

That wick bounced exactly on 470$ 😉

It got down to $450 on Coinbase/GDAX, but I still see good odds in ETH making lower lows in the short run.

@cryptographic,
Somehow you know I am not a believer of ETH! So whatever it takes, I am out of it! But with this price drop, my real life earnings (Sri Lanka Rupees [LKR]) converting to USD, then STEEM and BTS!
I hope to hear your market analysis about these coins as well! But I do believe the current drop of all crypto is just temporary and when it rise back STEEM, BTS will be the main BULL trend holders and they will act as main ROI generators as well!
Great market analysis and thanks for sharing these updates while most of crypto players are in a panic moment!

Cheers~

Still not looking so good for STEEM, but BTS and EOS are looking a bit better. ETH still looking sick too.

An excellent overview and against the background of a general correction of all crypto currencies, the Ethereum also continues to fall and your question for is quite relevant.

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The perspective of the etherium in 2018 is a popular user question. Acquisition of the Crypto currency, exchange for real money and other aspects depend solely on the growth forecast. Frequent jumps in the course of such a currency become a real find for active traders who profit on the difference in the changes in the cost of the Ethereum unit. Counting, whether Ethereum will grow, it is possible to draw an analogy with the last year. So, the possible growth at the end of the first half of 2018 may be around $ 350, and by the end of the year to approach the mark of 400-450 dollars. But I think that as long as we follow these figures, the price of the Ethereum in the near future can settle below $ 300, here is the moment of truth and the most convenient time to buy. Of course this is only a forecast and each of us must decide the distribution of its assets! Thank you @cryptographic

It could maintain a relative long term more sustained trajectory. That wouldn't be out of the ordinary. At least for a couple of years anyway. 😉

It is all doom and gloom by the looks of things...

Yeah, was looking that way a couple of days ago. Still not looking too good for STEEM, but BTS and EOS are looking a bit better.

  ·  7 years ago (edited)

There is one more event upcoming, that may affect prices across the board. G20 meeting and I heard that Crypto currencies are on the discussion menu.

Will G20 create final flush down and mark the bottom? Trading volumes (especially on down days) are increasing.

On another hand, usually after huge drops, follows long and excruciating consolidation periods, wearing out market participants. Will Crypto world act the same as some other assets markets?

Interesting times we are living in ;-)

https://www.coindesk.com/g20-calls-crypto-regulation-recommendations-july/

All that could already be built into price like you suggest.

  ·  7 years ago (edited)

I also thinks the same i believe that eth has chances to go below 350$. This is really bad news for new comers who invested in cryptocurrencies in january 2018. Cryptocurrency prices crashed in early February, after an astronomical rise in November and December 2017. Now they're crashing again, with many coins dropping back around the depths of their February lows. I personally have strong faith in cryptocurrencies specially in my favourite Steem bitshares eos vechain. This type crash happened every year so no need to bothered about it . I'm expecting more dip in steem price may be around 1 $ after that i will buy steem power. What do you think steem can go down to 1$??

You're right about this correction not being anything new. Someday though the recovery from lows will be news as some things never recover. Not saying that it will be this time, but there will come the day when the real trash just keeps heading to the lower right of the charts.

Excellent post and analysis friend and no doubt all cryptos are oversold right now but i am also sensing that we might see ETH touch 350$ to 300$ mark again before going towards 1k$ to 2k$ mark and guess what right now i am getting my fiat ready to buy more eth once it goes any way near around lowest prices because i have a strong believe that we might not see that price again in future, thanks for sharing your nice thoughts regarding ETH with us and wish you all the best in all of your future endeavors friend, Stay blessed

You know what they say about these highly speculative investments. Never invest more than you can lose. I also like to ask myself if I were to lose everything, which issues wouldn't I mind saying I did it with.

the market is going very badly down the panic is not getting more and more each post after another is now related to the crypto downfall i guess this is where the strong hands come in place to buy more and more

Without the slightest doubt this is where strong hands come into play - both buyers and long term holders. 😉

  ·  7 years ago (edited)

The market crashing and bouncing back is not a new thing. I have seen Ethereum bouncing to 1000$ only to fall back to 500$ just to bounce back to the earlier rate itself. See this market crash in a postive POV, this is an absolute golden opportunity to buy some cheap Ethereum which you could HODL or sell when Ethereum bounces back to that 1000$ price to get 3X your investment.

Yeah, market volatility presents unique opportunities, but bounces are not guaranteed by any means.

I like the likes of BTS and STEEM much better though since they offer 300x returns long term. The risk/reward is much better.

Hi @cryptographic ! Do you think the biggest transfer of wealth will start to happen (be more noticeable) in the next couple of months?

Perhaps when SMTs are launched, we see several projects moving to Steem, and a netowrk effect is done, and then ETH goes to $100 or less, and Steem starts its leather climb?

Who knows when and how this may happen. Time will tell.

Thanks for sharing!

Regards, @gold84

When SMTs are launched, STEEM will moon!

Well as of for now your guess is kinda correct !

Still think it is going to get down a little more !

Let time tell us what is gonna happen !

STEEM still looking weak, but BTS and EOS are looking stronger.

Some nice time to hop in the train of Steem I suppose ;)

Thanks for the heads up for BTS & EOS !

@cryptographic - Sir crypto market place now back to Green... But Sir this graph says Ethereum is loosing it's grip... I think it happens due to EOS competition Sir... I heard few people says EOS will collapse ETH market & it'll dominance the ETH's market position too Sir...
Don't know whether they are correct or wrong... Willing to hear your opinion Sir... Thank you...

+W+

Still touch and go for now. 😉

Excellent analysis

It can be said that the ETH's conversion from the correct level to the previous level is signaling that it is possible to form a dual bottom formation in the short term

  ·  7 years ago (edited)

Hello @cryptographic,

Extraordinary good chart analysis. Since 2015 Eth launch this is the biggest & most drastic market drop of Eth so far. You made an incredible market analysis & I think you made 100% correct prediction about Eth future price around 350.00 USD level. Buy in Dip & Sell in High, the motto of yours works incredibly.
ETH.jpeg

~@mywhale

Thanks for the analysis, @cryptographic!
Many people in crypto say the market is waiting for G20 forum decisions. Do you see any additional fundamental factors that might be the cause of the bear market now?

Thanks for the analysis, @cryptographic!
Many people in crypto say the market is waiting for G20 forum decisions. Do you see any additional fundamental factors that might be the cause of the bear market now?

You got a 2.57% upvote from @postpromoter courtesy of @cryptographic!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

Excellent post and analysis friend and no doubt all cryptos are oversold right now but i am also sensing that we might see ETH touch 350$ to 300$ mark again before going towards 1k$ to 2k$ mark and guess what right now i am getting my fiat ready to buy more eth once it goes any way near around lowest prices because i have a strong believe that we might not see that price again in future, thanks for sharing your nice thoughts regarding ETH with us and wish you all the best in all of your future endeavors friend, Stay blessed

Can the bounce back happen already! Don't get me wrong, I'm ready to HODL. But I bought some BTC and ether recently and I'm broke and anxious haha.

seems like the best time to buy eth is here would never know the low or the high at the right time so its just perfect to get in

@cryptographic i don't understand that why all cryptocurrencies are going DOWN. Bitcoin, Eth, SBD, Steem alll currencies are going down day by day. Where we are heading now. I just can't think about Cryptocurrency. I am in big fear for those who invest a lot of money. Lots for prayers for them.

Thanks for sharing



thanks you.gif

great analysis. thanks for share

HOLY SMOKES! FIRE SALE! IF YOU CAN INVEST YA?

fire_sale.0.png.jpeg

Ethereum (ETH) price closed the week trading on Friday in a bearish trend. The weekend trading on Saturday has seen the price slide to early December 2017 lows. The cryptocurrency is down 8% in the last 24 hours after opening the trading session at $600. The selling pressure in the market is increasing as ETH/USD breaks several support levels.

Currently, Ethereum price is trading below both the short-term 100 simple moving average trendlines and the longer term 200 simple moving average. The moving averages are sloping downwards to indicate that the bearish trendline is strengthening and Ethereum could experience further declines. Consequently, the trendlines crisscross twice at $606 mark and at $604, which shows that the price will consolidate upwards toward the $600 level when the bulls take charge of the market.

During the decent, ETC/USD broke past several support levels at $600, $585 and $575. The hourly chart shows that Ethereum price did not find support at any the retracement levels. The price is trading below the 23.6% Fib retracement level with the last swing high of $625 and a low of $570. The increasing selling pressure means that traders are using their Ether to buy other coins in the market. The bulls have been walloped by the activities of the sellers.

Ethereum (ETH) must find support at $550 level to prevent further declines. If that fails, the losses could see Ethereum trade close to $500. If this happens then trading below $500 level is within reach and could happen in the next 24 hours. The market has to find a reason why to hold on to the ETC and bulls to increase the buying power to realize appreciable gains in price. In the event of a recovery forming, ETC/USD will encounter resistance at the 38.2% Fib retracement level. The major resistance will be at the $600 level which is also the 50% Fib retracement.

Source and More info

ETHEREUM’s price has seen a massive nosedive in price over the last 20 hours as its value plummeted to a low of $511 (£366.49) at 3am this morning.

Screenshot_2018-03-18-08-59-02-115_com.android.chrome.png
This is the forecast of etherium ..... I think it will work this way ...may the prices are crashing but sooner or later etherium has the potential to go up again..

Nice

The drop in the price of Ethereum is just a path that the currency is going right behind Bitcoin. Experts and analysts say that there can be a number of reasons why the price was dropping and one of them was the news from the governments that said will limit or ban crypto trading. Also, you know that there was a regulatory breakdown on the Asian market as well where Bitcoin was hit the hardest and then Ethereum followed.

  ·  7 years ago (edited)

That was a interestingly thoughtful and insightful piece of information, thank you. Of course Ethereum could drop to $350.00. However keep in mind that trying to predict a short term price is a difficult attempt. The price of a single Ethereum is so volatile that it can lose 25% of its value in one day, only to go back up in the next. The most recent example is when 4 or 5 months ago ETH was a bit under $300 and now is $550. But there was a lot of volatility in the last three months as well going to as low as $550 and back to $770, and even at $1,440 in early January 2018 and now back at $550. This volatility shouldn’t be a surprise for anyone. Thus, we should take a look at all these predictions from the long-term perspective. I think that Ethereum price should reach $2,000 in the next few months. If you ask me “what’s next” I would tell you that the price of a single Ethereum can go even up to $5,000 by the end of 2018. Why not? As a matter of fact Ethereum was $10 in January 2017 and now is around $550 do you think that’s far from $5,000, or do you think $350 is too low? Remember Ethereum has the ability to use smart contracts, unlike bitcoin. I personally bought Ethereum last November, to see what would happen, mainly because the phrase “smart contracts” sounds appealing to me and to traders and everyone has heard of Microsoft’s rise from a similarly uncertain technology to a giant. Its price has risen around four times since then. I’m not going to play a smart ass here and I have no idea how practical it is for use as a replacement for today’s legal contracts, but obviously if it can be made to work and is adopted by everyone, it will be a massive step forward. As far as crypto currencies go in themselves, in my opinion they are digital chain letters promising returns as long as you keep getting more buyers to join the chain. They only work if more people keep buying them, the same as other forms of speculation that depend on the next person paying more than you did. As with all forms of speculation, when the music stops, there will be far less chairs than people scrambling for seats. In other words, the price will eventually rise.

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Very topical issue. But, we can only wait. Time will put everything in its place. Good luck to you and Love.

Очень актуальный вопрос. Но, нам остается только ждать. Время все расставит на свои места. Удачи Вам и Любви.

A recovery of the lost support should be taken into consideration

here were bullish moves above $860 during the past few sessions in ETH price against the US Dollar. The price was above the move above the $900 and $910 resistance levels. It traded as high as $936 and is currently consolidating gains. It moved down once and traded below the 23.6% Fib retracement level of the last wave from the $868 low to $936 high.

However, the downside move was limited and the pair found support near $890-900. Moreover, the 50% Fib retracement level of the last wave from the $868 low to $936 high acted as a support. There was an upside reaction and the price moved back above the $910 level. On the downside, there is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD. The pair is trading with a positive bias above the $920 level. Any dips from the current levels remain supported around the $900 and $890 levels.

ETH is in downtrend and it's break SMA100 but having SMA 200 support (*having two condition like BTC)
click below to see this chart

It is all doom and gloom by the looks of things...thanks for sharing sir..Always love and respect

Thanks for great information sir..

Good analyzing..............

We are hopeful.........
...................

hi @cryptographic
This is normal I've been expecting all of these coins that will pay attention to me and will keep me driving. Steem and Bts
On the other hand, I have heard that some things that are cooked from the whales Eth and raise Etc not traded but know how to get the information from its roots so do not advise me to buy it at all may be just a rumor, but also may be the fact who has the Eth replaced in another currency thank you for This analysis is excellent and I hope you give your opinion in my simple intervention

eth test us a lot but it will be up when the bullish behavior comes in