Beware! I Smell Blood — Ethereum Hit's First Target! =D

As I warned in my last post, Ethereum was trading in a bear flag. As you can see, it has fallen out of the bear flag and hit my "possible target." I'm going to be blunt with you now. I see widespread weakness building in the entire crypto space. It seems like an epic selloff is imminent. Looking at the MACD, we can see that it is falling off of a cliff, and expanding to the downside. Given the overall condition of the crypto space, it is important to recognize the vulnerability of crypto's like ETH, which are not that far off from the high's. If the crypto markets start to move, this thing could plummet. For now, ETH needs to hold the 50 EMA (in orange.) A sustained break below that, will send ETH to the very bottom of the green parallel channel. Under bloodbath conditions, that isn't likely to hold. Stay on your toes people. I smell blood, and so do the institutional investors who want to take your money. MPC out.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-