From a purely technical perspective, I don't really know what's going on, but the support line is too obvious and people are too greedy. Nothing about this scenario looks good until ETH breaks out of the suicidal psychosis that it has been living in for the past 500+ days.
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0.0237 is a new local low over the last year. If you're betting on ETH instead of BTC, this is the right time to be afraid. I'm waiting for a daily close below 0.0230 before calling the match because there's a lot of variance between different exchanges in Dec 2017.
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'Unbreakable' support is on thin ice
I know it's bad to feel personal bias toward an asset, but I really do want to see ETH succeed... Unfortunately, it disappoints on price more than it delivers, so I'm expecting more down. It kind of played my lucky trend line, but I wouldn't put any stake into that.
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If the market wants to maximize pain, we should see a bull trap coming soon.
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Reached first major target in the buy zone at 0.017. I will be staggering a few buy orders between here and 0.014, playing any small bounces and chops on the way down as bullish divergence develops. In the near future (months), I believe ETH/BTC trend will reverse and start to turn clearly bullish for the first time since January of 2018. BTC dominance can only go so high. All of the people spouting 100% BTC dominance nonsense are playing themselves.
It remains to be seen with certainty whether the total crypto market cap will rise or fall in Q4 and beyond. If the bull market continues, it is a great time to start loading up on ETH. However, for the record, I am long term bearish on ETH/USD and expect a long term continuation of the downtrend until at least ~$50 before we see another large 100%+ bounce. Further down the line it could go even lower. Let's see what happens.
It remains to be seen with certainty whether the total crypto market cap will rise or fall in Q4 and beyond. If the bull market continues, it is a great time to start loading up on ETH. However, for the record, I am long term bearish on ETH/USD and expect a long term continuation of the downtrend until at least ~$50 before we see another large 100%+ bounce. Further down the line it could go even lower. Let's see what happens.
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^ Nice little pump, I'm betting it returns to 0.024 to touch the neckline as drawn in my original chart, and then converts prior support into massive resistance. If you're trading for BTC, 0.024 is a good short term target. If you're trading in USD, somewhere around $260 is a good short term target.