ETH has been in decline since the ATH above $1400 earlier this year.
From last year's calls for the 'Flippening' against BTC to this years bear trend or the Flopenning, it has been a roller coaster ride.
The main factor for the pump in ETH's price last year were the ICOs. To get coins or tokens like ANT or BAT, people had no choice other than to buy ETH so that they could then transfer those ETH and exchange them for those 'ICO' coins.
And what did we get? All kinds of ICOs. One could literally lift a rock and find an ETH based ICO underneath. Left unchecked, this created problems. No one in the Ethereum Foundation cared about the scams which were going on. They did not care as any ICO would mean ETH price had a better chance of going up... so why would they?
ETH was meant to be the 'world's supercomputer'... but it produced nothing of importance.... well nothing yet... All we got to see was Cryptokitties flooding ETH mainnet to the point it was crippled for a while.
And now this year everyone is paying the price!
Those scammy ICO devs are exiting. They have a win-win position. They have a worthless token they sold for ETH. And now their coins or tokens are listed on many big exchanges. Now they want to get out quietly before ETH price hits sub $100.
Add to that the positions of those Hedge Fund Managers... And I think Arthur Hayes got it right. He saw it coming... I am not going to write about it.... You can read the details here....
www.cryptoglobe.com/...will-drop-below-100/
AND FOR THE SAME REASON NEO IS NOT SAFE EITHER. NEO has even bigger issues going on at this time... You can google it whenever you have time.
I don't think ETC has anything positive to offer compared to these two coins either.
Now we can look at what the support zones are. All the green bars are potential support areas. 280-310 zone is now going to serve as a huge resistance zone.
And falling BTC price is not going to help either.
Add to that the leveraged/margin trading positions (longs) on ETH at Bitfinex, Kraken and Bitmex.... Longs (271529) versus Shorts (224830) at Bitfinex at the time of writing this very line...
You know what you have to do. But I don't think ETH is done falling.... and I am still expecting BTC to touch 5k mark at least once this year.... I could be wrong though, so kindly please do your own research and make a balanced decision.
Wish everyone all the best!
From last year's calls for the 'Flippening' against BTC to this years bear trend or the Flopenning, it has been a roller coaster ride.
The main factor for the pump in ETH's price last year were the ICOs. To get coins or tokens like ANT or BAT, people had no choice other than to buy ETH so that they could then transfer those ETH and exchange them for those 'ICO' coins.
And what did we get? All kinds of ICOs. One could literally lift a rock and find an ETH based ICO underneath. Left unchecked, this created problems. No one in the Ethereum Foundation cared about the scams which were going on. They did not care as any ICO would mean ETH price had a better chance of going up... so why would they?
ETH was meant to be the 'world's supercomputer'... but it produced nothing of importance.... well nothing yet... All we got to see was Cryptokitties flooding ETH mainnet to the point it was crippled for a while.
And now this year everyone is paying the price!
Those scammy ICO devs are exiting. They have a win-win position. They have a worthless token they sold for ETH. And now their coins or tokens are listed on many big exchanges. Now they want to get out quietly before ETH price hits sub $100.
Add to that the positions of those Hedge Fund Managers... And I think Arthur Hayes got it right. He saw it coming... I am not going to write about it.... You can read the details here....
www.cryptoglobe.com/...will-drop-below-100/
AND FOR THE SAME REASON NEO IS NOT SAFE EITHER. NEO has even bigger issues going on at this time... You can google it whenever you have time.
I don't think ETC has anything positive to offer compared to these two coins either.
Now we can look at what the support zones are. All the green bars are potential support areas. 280-310 zone is now going to serve as a huge resistance zone.
And falling BTC price is not going to help either.
Add to that the leveraged/margin trading positions (longs) on ETH at Bitfinex, Kraken and Bitmex.... Longs (271529) versus Shorts (224830) at Bitfinex at the time of writing this very line...
You know what you have to do. But I don't think ETH is done falling.... and I am still expecting BTC to touch 5k mark at least once this year.... I could be wrong though, so kindly please do your own research and make a balanced decision.
Wish everyone all the best!