ETH is trending down in the daily and weekly timeframes here, we can get a sizeable move down but there is significant support below. I'd be looking to go long once it's clear a bottom is reached, depending on how fundamentals evolve for Ethereum further down the road. Right now, it's the leading platform when it comes to adoption, ease of use by developers, and liquidity, as well as infrastructure wise. Risks are regulatory backlash against ICOs as securities (the ETH crowdsale itself could be up to scrutiny) as well as technical challenges and yet unforeseen possible vulnerabilities in any of the players involved in the ecosystem, being so vast and complex, and specially, risks surrounding the implementation of Proof of stake to secure the network, something yet unproven as far as security goes. The competition from ETH killers is still unproven, and way behind them in adoption, and infrastructure as well as development wise, so I wouldn't weigh that as a big risk for ETH, more of a remote one for now. We will have to treat each coin as a case by case situation, and analyze market data as it becomes available. Jumping to conclusions and investing too big in new players might be risky. Falling for hype, even worse...
Once these issues and others are ironed out, things could get interesting, fast...I'd consider diversifying into a few other positions other than the core long term #BTC exposure I plan on having, once the bear market ends, but, sizing it to keep enough exposure in #BTC, for the most part, as well as some skin in the game in mining, etc. The upcoming G20 meeting is of special interest here. Technicals right now show we have potential support close to $300, so, I'd keep an eye on the forecasted path and timing for the move, and monitor sentiment and fundamental developments going forward.
Cheers,
Ivan Labrie.
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Waiting for buying to be absorbed here. Technical traders started buying but I believe longer term smart money is selling. They will either sell into their buying here for a sideways move during a few days, or let them buy and short again higher. If price erases last week's range, then buyers won.
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Looks like the fall resumes.
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Should hit 428-429 by next week.
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Published a new chart.
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I'd watch, in cash.
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Target not met in time, we had another signal that also fails next...
There's a chance #ETHUSD goes to $830.33 by mid August as well...
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ETHUSD, I'm still mining it, but returns dropped with price s3.amazonaws.com/tradingview/snapshots/c/cL0djgLb.png I think it has further to fall over time, but just not interesting to trade it, I'm waiting for it to bottom over time, once the Gox coins are redistributed back to creditors next year and the market is flushed on the downside. Likely to fall another 50% from here over time.
ETH is only 15% up as BTC is 20% up , may be ETH is lagging behind BTC at the moment and some upside is to be expected!
Thanks for the update.
BirgerZimmer
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@IvanLabrie Could you please update possible targets/time frames, once the situation gets a bit clearer. Thanks.
Peymana71
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Great work.
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DIYIrrigation
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Why are you posting this here? I prefer the work of Ivan and some others.
Peymana71
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@DIYIrrigation, for Ivan and viewers of him,,tnx for your cm.
Thanks for the update.