That was probably the longest pause between the posts on this blog. The author isn’t on vacation. But looks like some of the biggest ETH traders are either enjoying the summer or (more likely) speculating on the other cryptomarkets.
Now, after local highs have been established in XMR (the craziest rise in the last weeks) and AMP (though one more high would fit better into the Elliott Waves count) and also FCT have built nice top. Ah, yes, LSK should also continue its drift down.
What does it mean for ETH?
Quite probable, the traders will switch back to ETH and BTC. These are still two most liquid and long-term “safe” investments.
Here is the updated chart for ETHBTC, which we followed for the last few weeks:
As you notice, the last trend line (the red one) after few attempts was finally broken. The rise might accelerate from here. The next stop level would make sense around 0.024.
We will have to asses the sentiment though on our way up.
Talking about the sentiment. ETC. When we last time talked about this “weird” guy, we said that the sentiment is moving down from extremely optimistic to the pessimistic one. You might still remember that optimistic one: “ETH is dead”, “ETC is the new king”, “code is the law” – there were many sayings from mostly pumpers and dumpers. Now the language changed quite a bit. Still, we aren’t in the mood where the author would consider to call it “the pessimistic bottom”.
Here is some visual and textual combination of what might soon happen in ETC land:
The author hopes we will get more dynamic in Ethereum trading from now on. So that we can see each other (at least virtually) soon again.
But before we end our conversation for today, one question. Would you be interested to get more precise and sophisticated sentiment tool?
Please, give the author some opinions in the comment area.
Enjoy your day.