Which way Ethereum is headed?

The last week was the most turbulent week for the crypto world with market leader Bitcoin plunging by more than 30%.

For a moment, it seemed the bubble is busted and investors (or speculators) will lose their shirts now.

However, Demand emerged at lower levels and it seems worst is over, as of now.

In this context, Ether is showing some promise for the short to medium term. Being the next best, and much cheaper than Bitcoin, it is attracting good volume too. It touched a low of 2083.50 at which point it became hugely oversold and then bounced back from this support.

The next target is 3100 where it will face stiff resistance. However, the market is market. No one knows what is going to happen tomorrow. It is best to follow your asset’s real time chart to exit in time when the alarm bells ring. Otherwise, you may be left holding the crying baby.

Many prominent countries' central banks are in the process of launching their own crypto currencies and recently Facebook has also announced its arrival on the scene.

When large institutions and big countries launch their own cryptos, the crowd is expected to turn towards these late comers because of credibility and support they will bring with them. That time, thousands of small time crypto coins will face liquidity crunch. Hence, exercise due caution when you decide to invest in next meme coin.