Trusting Ethereum?
I have been seeing many posts about cheap Ether and suggestions to buy now. So I have decided to share some thoughts on what the charts say. Also I have to mention that I have no intent investing into Ethereum. Because I don't see the long term value in it.
Daily chart
BTC-ETH
After Ether price hit the all time high 0.156 BTC on June 13th, it has been a bear market ever since. Daily chart shows new lows every week, which has to be painful for the Ether holders. Clearly those big ICOs right before the price crash had a huge influence on what we are seeing right now. And price correction was expected after more than 50% price bump in a couple of days. With no major support in sight, chart is suggesting that the price going to drop even further.
Weekly chart
BTC-ETH
Weekly chart is looking even more bearish than daily. Showing us the long red candles for five weeks straight, suggesting that miner support that we see at 0.063 BTC, might not be enough to stop the downtrend. And the next major support is only at 0.033 BTC.
My guess would be that the low is still not in and I would not suggest buying Ether at this time. If this five week downtrend turns into 9 weeks and that collides with the major support line. I would say that the low is in at that point and we would enter a bull market.
Until than it is better to follow how is their Proof of Work to Proof of Stake switch going. Also are they even acknowledging the scaling issues of Ethereum. And are they doing anything about it.
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i Just posted my technical analysis on Ethereum and agree, it is not looking good. It could go down to $86.
https://steemit.com/ethereum/@ajain/cryptos-in-a-free-fall-ethereum-hit-hard-more-pain-in-near-future
Is BTC in a bear market too? Will BTC split in August 2017, next month? I think some said BTC will go back into a bull market, will rise, next month.
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ETH will fall for 5 to 9 more weeks maybe until maybe September?
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I have some coins in Bittrex. I kind of see this stuff a little.
Bitcoin will not split permanently! No one can guarantee it, because a soft-fork is required to activate SegWit, but I am as sure as I can be. And it will be a bull market if SegWit is activated.
-Not for 9 more weeks, 9 total, meaning 4 more.
ETH split. So, I was assuming BTC was going to split forever too.
I do not know when to buy BTC with my SBD from Steemit.
Today is the last day before Bitcoin price bounces. Tomorrow and 2 days after that, it is going to go up, and depending on how that goes, we might never see the price this low. Anyway the decision is yours alone to make, as it is your money!
ETH is a bad buy right now. imo
I think Ethereum has a greater potential than bitcoin in the future. Anyway, I like what you have written because you have your own thinking ... great : )
The Ethereum network scaling issues haven't been solved even in theory yet. So we have to watch out for that, as we have already experienced clogging on the network during the big ICOs. Imagine what would happen if there would actually be a real use-case Ethereum?
Thanks it's great to have all this helpful information.
I didn't know what to do 2 weeks back @eviljedi.
I split my investment as 50% Bitcoin and 50% Ethereum , because I didn't know which one would be more hit .
Anyway, I intend to hold my investment for one year, will watch the space :)
How STEEMIT empowered me
You won't regret it, because Bitcoin will make way more than the value lost in Ethereum ;)