Despite the huge selloff yesterday after the Bitfinex/Tether announcement, Ethereum maintained a higher low which confirmed a longer term up trend. The new target to hit now will be the $1,220 level to make a new higher high.
Signals are heading up, so we might be looking at confirmation prices could keep rallying. We broke the initial uptrend support, but maintained and overall up trend.
Because the pullback was so large, we will easily be looking at prices topping the $1,220 level and likely heading up to the ATH level.
We will see if it hold the up trend . I hope it does ..
The 1 day ETH/BTC chart gives me hope. Could get a new ATH :-)
I am not so sure about that. I think that's a bull trap. The whole crypto is going down and for a good reason: the value it has nowadays has no relation to its price.
Who uses crypto? Very few people. The majority of crypto holders are people trying to get rich off of it. That brings the problem, that something is only valuable if it has some usability. I think crypto have a BIG enormous future ahead, but the price aint right. Bitcoin was 5k 3months ago, then jumped to 20k. 4x! Did the value of bitcoin rose 4times? No, just its price.
Ethereum rose 3x in that time. Did its value rose? No. The only real application and usage ETH has was Crypto Kitties (a failure) and the ability to raise money from ICOs. I guess thats the reason ETH is holding up better and might even lead the market cap some time soon.
I'm in total agreement with this! Everyone who hasn't been living under a rock that knows about crypto is in already....what other regular buyers are left to keep prices like this? Now, it's down to letting the fundamentals prove themselves so people can see the actual usage and utilization. Speculation and hype only goes so far.