Investing
Haven
No Result
View All Result
Sunday, May 28, 2023
  • Login
  • 2023 Forecasts
  • Stocks
  • Commodities
  • Silver
  • Lithium
  • Crypto
stock market tips >>
Investing
Haven
  • 2023 Forecasts
  • Stocks
  • Commodities
  • Silver
  • Lithium
  • Crypto
No Result
View All Result
InvestingHaven
No Result
View All Result

Ethereum Price: It Always Looks Scary Near Any Bottom

by Taki Tsaklanos
August 08, 2018
in Crypto & Blockchain
0
Tags: ETHETHUSD
ethereum price forecast
1.9k
VIEWS
Share on FacebookShare on Twitter

The price of Ethereum crashed today. It lost more than 12% at its intraday bottom. What to make out of this crash? Reasons to be concerned? InvestingHaven’s research team answered this question today to its premium crypto subscribers with this one sentence: “It always looks scary near any bottom.“

We share some deeper insights about the developments in the crypto market, specifically Ethereum, which should be considered a sneak preview of what InvestingHaven wrote to members of its premium blockchain & crypto investing service today.

First, the price of Ethereum suffered a flash crash today. It brought the 2nd largest, and much respected, cryptocurrency below this critical area of $400. This comes 2 weeks after we observed that Ethereum’s price is close to a breakout (new bull market in 2018). Yes, things tend to change very fast in the crypto market, primarily because we enter a decisive stage. Cryptocurrencies are near make-or-break levels, it’s decision time!

What now, what to make out of this?

One thing is clear: turning to the news about Ethereum’s price drop is really not going to help you in any way, it will only confuse you.

It’s a much better idea to turn (y)our attention to Ethereum’s price chart in order to make sense out of what’s happening. In the end the chart shows the end results of all decisions made in the market while news is mostly the end result of story telling.

The first chart is the daily price chart of Ethereum. Although the drop below $400 was important and significant it did not create damage at this point in time. Yes, it dropped deeper below critical support, but it recovered as well. In plain technical terms the wick at the bottom of today’s candle is a positive thing, as long as it holds.

This massive triangle pattern after the top of January 2018 is still intact. As long as Ethereum trades above $350, and does not drop for 5 consecutive days below this level, there is no structural harm done.

ethereum price bottom

Interestingly, the weekly chart, which shows the longer term and dominant trend, reveals exactly the same $350 level as a crucial price point. However, there is another, more crucial price point, on the same chart: $250. Bulls do not want, under any circumstance, to see Ethereum’s price drop below $250.

ethereum price beakdown 2018

Conclusion at the close of Wednesday August 8th:

For now, it is clear that the first crucial support level on Ethereum’s price chart ($350) attracted sufficient buying to avoid a breakdown. All in all, it really means that anxious crypto investors are going through the same feeling that millions of other investors have experienced over and over in the past: It feels scary near any bottom. Ethereum, and the crypto market in general today, did not feel any different. These are the perfect conditions to lose control over emotions which, as always, ends up to be disastrous.

Need some guidance in these tough times? Read InvestingHaven’s exclusive alert today sent to premium crypto subscribers >>

Receive our weekly newsletter.

*We hate spam as you do.

premium service trade alerts   premium service trade alerts   premium service crypto teaser  
WARNING: InvestingHaven.com, our site, is not affiliated and has no connection whatsoever with Invest Haven Group on Invest-Haven.com or Investing-Haven.com. InvestingHaven.com did not have and will never have sales reps. Do not accept financial offers, certainly not by telephone, this is why >>
Taki Tsaklanos

Taki Tsaklanos

Taki has +15 years of experience in global markets. His methodology is unique and effective, yet easy to understand; it is based on chart analysis combined with intermarket / fundamental / sentiment analysis. His work appeared on major financial outlets like FinancialSense, MarketWatch, ... Email: taki.tsaklanos@gmail.com. Twitter: twitter.com/investinghaven

Latest

nasdaq

Enjoy The Party But Watch Out June Won’t Come With A ‘Happy End’

May 28, 2023
breakout icon

The Most Important Chart Of 2023 (updated)

May 28, 2023
market sentiment

Value Stocks Lagging, Growth Stocks Leading? Wrong, 5 Stocks Leading.

May 28, 2023
xrp bull market forecast

XRP: The Most Beautiful Long Term Crypto Chart Of 2023

May 28, 2023

Connect with InvestingHaven

Receive top notch forecasts for free.

*We hate spam as you do.

Categories

  • 2023 Forecasts
  • Stocks
  • Commodities
  • Silver
  • Lithium
  • Crypto

Site Navigation

  • RSS Feed
  • About us
  • Mission 2026
  • Sitemap
  • Privacy & Disclaimer
  • Terms of Service
  • InvestingHaven vs. Invest-Haven
  • Contact Us
Investing
Haven

Top notch forecasting with gold price forecast, many stock predictions, cryptocurrency charts. Many investing tips and crypto market analysis.

Copyright © 2023 InvestingHaven

No Result
View All Result
  • Premium Investing Service
  • Premium Trading Service
  • Premium Crypto Service
  • 2023 Forecasts
  • Stock markets
  • Commodities
  • Lithium
  • Silver
  • Crypto
  • Login & MyAccount

Copyright © 2023 InvestingHaven

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

    InvestingHaven.com honours your privacy. Read our Privacy Policy