… and one chart on ETH

As expected, the ETH did dropped one more time yesterday. This drop even pushed the price pretty close to the mentioned levels in EUR and USD.

What now?

It is possible to count 5 waves up on a smaller time-scale. These waves are, however, far from being clear and “textbook”. Well, real life isn’t always mirroring the ideal world. For today we use another technic from TA. Namely trend-lines:ETHBTCShortTermThe market respects this downtrend (red) line. So should we. If ETH (as expected) wants to rise from the current level, then we need to break this line. Most of the time the price will come back to retest it again. Before the final (never look back) advance starts.

It took a bit more than 24 hours to develop the current structure. Let us give the market another 24 hours to show more of the underlying mass-psychology.

Based solely on the sentiment, we are much closer to the bottom then to the top. The majority of traders are discussing at the moment how to short the market and what are the price level to reach: $4, $6 or at least $8.

The author saw, however, also quite few traders who were still pretty optimistic about the ETH. Somehow he (the author) would feel much better if more concerns would be spread all around. Well, it’s almost impossible to get 100 % bearish sentiment. What we have now is basically enough for the rise.

Bottom line. The rise is expected, the trend-line is closely watched. Let us check the situation after approx. 24 hours.

The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

14 thoughts on “… and one chart on ETH”

  1. Thanks — that was a great call on the move down! I’m ready for some more dropping, but also ready for ‘moonferrari’ πŸ™‚ Let’s see!

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  2. Looks like the trendline has now broken in the Eth-btc pair. And it seems Eth-fiat is trying to break through it right now. I look at Eth-euro. It will be interesting to see what happens. I’m long term holder so won’t be too worried if it goes back down a little bit from here.

    Oh you predicated the July 5th bottom pretty well. I’m impressed. That post was reassuring at the time πŸ™‚

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    1. Yes, it’s broken in every pair now. Actually, the fact that you say “i’m not worried because I’m a long-term holder” is a bit scary for me.
      I mean if we want to have sustainable growth back to $20, there must be enough worry and fear in the market all the way up. This is a fuel for growth.
      On the other side I still see quite some predictions for ETH to go back to area $4, so may be these bearish voices will be enough to fuel the rise =)

      To make a prediction for this last bottom was not easy.. The resistance in the air was pretty strong.

      Glad you appreciate the authors efforts =)

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          1. I was joking. I wasn’t worried because I was influenced by your blog. I’ve been reading it closely and it’s making some sense.

            I am disappointed by the failure of the DAO. I hope there will be another one. If I get my pre-sale Ether refunded from The DAO I will put it into another DAO, if I judge it to be secure enough (I will take much greater care in that judgement now of course). There may not be much potential for return on investment (as in, getting back a lot more ether than was put in), but it would expand the Ethereum ecosystem, which I think has the potential to have great benefit to the world. It’s very encouraging that so much Ether went into the dao. I’m concerned that enthusiasm may have been diminished somewhat by events. But I think something that helps is people know that if Ethereum grows, and is used more for cool things, then there will be long term upward price pressure on Eth – it’s an interesting dynamic.

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            1. Agree with you. Actually it seems I invested similar like you, not for a fast return but mainly to support the development of the Ethereum network, community, products, etc.

              I mentioned it several times and I still strongly believe, what happened to us with “the DAO” has very positive long-term effect.

              It just needs some special view on the things in our reality to see the both at the same time: negative and positive.

              And, rest assured, there will be many amazing project.
              Actually, I myself in the process of creating the real project for Ethereum (besides my free writings here).
              Has to do something with solar energy. Many things can be done on Ethereum.
              I’m also sure quite some great teams are working on several topics right now…

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          2. That’s great yes it’s interesting the different kinds of things that are possible. I wish you the best of luck with your project.

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