The author spent the last few days studying the charts of ETH for the last months.
Firstly, the price action lately is lackluster to say the least.
Secondly, the author is in crypto investment only since the March this year. So it is a good idea to study what happened before. The price patterns tend to repeat themselves on different time scales.
So if one wants to see the future, it makes sense to check carefully the past. Oh, by the way, in yoga we have a widely known and often wrongly used term “Karma”. Wrongly used, because it is often said “you have good (or bad) karma now!”. Where in the reality the word “Karma” means just “Action” and the results of our actions (which we subjectively perceive as “positive” or “negative”) isn’t “Karma”, it’s, as said above, just the consequences of our actions.
So, if one wants to be able to make good investment decisions, it is not coming by itself. Not does it always help just by listening to others (cause they do mistakes too). It is by making some “positive” effort. At least to study the charts carefully and thoroughly.
Holy Nakamoto, this post is getting somehow long. Let us keep it short. The results of this study will be published shortly.
For the moment the author sees the great possibility for high volatility. The charts from the past say that it is possible for the ETH to rise to the new ATH (in USD and EUR) and not necessarily in ETHBTC. Then quite heavy and intensive correction could fall upon us and finally break through to the area 20-30 USD. We will talk about it more if some confirmation will come in the next few days.
For the moment:
As you can see, we again have plenty of “a-b-c” moves. The only one wave, which can be considered as 5 waves move is the one where you see violet rectangle. If that is correct what is pictured, we should see the break up above 0.02750.
This is, however, the waves structure (and also volume) which will tell us what the mid-term consequences this “probable” break bring with it.
Finally, as said in the last post, the dive below 0.02290 brings bears back firmly in control.