Ethereum - $12 Price Target is a possibility
Hi everyone, hate to write this up and show this chart, but I have 3 long term cases for Ethereum as detailed in the chart.
I realize we have a huge H&S pattern as well and a fractal retrace possibility (which I am not leaning towards but it could still play out).
This generates 3 long term cases.
Case 1: Target to lower 400 or upper 300s and then a rally. This is very hard for me to see at this point in time.
Case 2: Target to around 265 and then a slow reversal to the neckline of the H&S. This is what I am leaning towards.
Case 3: Target to around $12, in other words, a complete crash. This would be my second pick.
Fundamentally speaking, Ethereum has great use cases, but unfortunately the coin was misused to create ICOs to steal investor money. Over 90% of ICOs on Ethereum are scams.
At this point in time, all numbers are a possibility, but I do lean towards $265 then a slow recovery.
As I said before though, if it pops +50% tomorrow you can ignore this chart.
Good luck all.
I realize we have a huge H&S pattern as well and a fractal retrace possibility (which I am not leaning towards but it could still play out).
This generates 3 long term cases.
Case 1: Target to lower 400 or upper 300s and then a rally. This is very hard for me to see at this point in time.
Case 2: Target to around 265 and then a slow reversal to the neckline of the H&S. This is what I am leaning towards.
Case 3: Target to around $12, in other words, a complete crash. This would be my second pick.
Fundamentally speaking, Ethereum has great use cases, but unfortunately the coin was misused to create ICOs to steal investor money. Over 90% of ICOs on Ethereum are scams.
At this point in time, all numbers are a possibility, but I do lean towards $265 then a slow recovery.
As I said before though, if it pops +50% tomorrow you can ignore this chart.
Good luck all.
Case 1 could also be called "a 400 support bounce", which could then follow the previous pattern a while back.