What a few months. ETH made a top. Market proved to be irrational longer than we expected, still the “overhyped” conditions can’t last for ever.
Now, when we witness this awaited ETH decline and the news are making rounds that SEC is taking care of ICO in general and ETH (“the DAO”) in particular, time to look carefully again at the charts. They always have all the information needed..
We are in the wave “iv”, the correction which should normally behave differently if compared to the corrective wave “ii”. Wave “ii” was very long (around 9 months) and pretty complicated one. It was felt like slow and painful bleeding. What should we expect from the wave “iv” then? somewhere between 2 and 4 months. Fast and furious one. The target seems to be between 0.04 and 0.06
As for the fiat prices, let’s have a look at the USD chart:
The current rise has been already nicely corrected to the usual 61,8%. One more drop slightly towards $100-$120 would make the correction perfect. It is not required, however, the rise towards the new high can start from the current level already.
It can be, for instance, fueled by the possible BTC rise to the new ATH (all time high). We will look into the BTC charts in the next updates. There is one very interesting long-term observation there to see.
Till then stay safe and also remember the panic in crypto is followed by the waves of hype. Buy low in crypto means to buy during the panics. Where selling high will demand to stay reasonable, don’t be greedy and to sell when there are too many insane expectations and too many newcomers are flooding the market.
Try to stay balanced. If it appears to be difficult at times, come over to this blog.
We have always tried to “balanced out” the emotionally waves in the crypto market.