In my previous analysis, I suggested that ETH might have a small correction. Yesterday's fall probably has absorbed the energy & may lead ETH to test new highs.
Indicators are still overbought, but it appears that ETH is determined to go above the 1.618 extension. If we use this brief crash as a measure, it's likely for ETH to touch 2.618 extension, which would be BC=DE.
On the fundamentals side, there's some negative news. However, my close observation suggests that ETH tends to get a push whenever negative news hit.
In sum, it's between indicators that shout SELL & market makers that lure people to BUY.
As this will also draw the end of the rally from breaking out of the $300 zone, a real correction / consolidation that can take a month may ensue.
Buys and sells. We have had constant buying pressure regardless of the penny stock type TA analysis I have been reading. Someone or some group wants this higher and its working regardless of Indicators. Sure, we get the shlubd selling out at each major price mark but they are buying back in again . Shorts are being squeezed and lots of money being handed back. This has been an interesting move the last few days. Someone knows something. Like your perspective . Thanks
ATXTraderontheBLOCK
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@CB58, I have to agree with that, nothing about this is natural or normal, some big money is pushing this upwards.
@DrJLT, Thanks for the analysis. seems as though ETH is diverging from BTC as well. MA 50 crossed over MA200 on 1H for most other coins including BTC, but not for ETHUSD. With more down side to ~12900 expected for BTC, then you analysis should hold?
DrJLT
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@M5Khan, Yes I also noticed this. I think ETH probably will go to 1500. Afterwards not sure. We also have to look at ETHBTC.
M5Khan
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@DrJLT, Thanks for the reply. Spot on! you called it. i think timing is everything now. Harsh retracement could possibly be expected when ETH tops out and BTC or alts rally. gotta have hawk eyes on this...
tvbman17
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@DrJLT, In my opinion, that is not negative news. It is a rehash of existing issues known regarding Ethereum. Cryptokitties highlighted the scalability problems, but also highlighted Ethereum viability (despite the issues). Keep in mind that Ethereum network still processes more transactions daily than all other cryptocurrencies combined. Yes, there are issues, but these are not new and ones that I believe the development community can resolve longer term.
Tdunlap1310
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@tvbman17, Yeah I agree. This doesn't seem to be FUD enough to drive down the price. Ethereum still has issues, got it.