Ethereum (ETH) Price, down more than 50% from its all time high earlier in 2018 is still on an uptrend. This article covers the price action and the long term perspective on Ethereum price.
Our research team’s focus, be it for InvestingHaven.com or our Blockchain research service, is the same: Providing readers and subscribers with the appropriate tools to decipher the price action and insightful analysis to stay focused on what matters the most: Price action and elimination of the noise. Note, though, that our premium blockchain research service subscribers get much more detail, in terms of specific names (crypto coins, blockchain stocks) as well as entry and exit points, for maximum performance.
After analyzing different markets and asset types for over a decade, we’ve learned learned that tuning off the noise is the NUMBER ONE Skill investors need to master. This is particularly important for Cryptocurrency investing. Most news outlets are taking advantage of the extreme volatility in the Cryptocurrency market to write shocking content without considering the impact it might have on novice traders and so on. Let’s get things straigh, at the risk of repeating ourselves: 99% of the news is noise from an investor’s perspective, don’t get trapped in reading articles as a refernece point for decision making. It will hurt your portfolio!
Ethereum price action is a good example of how according to financial media, Ethereum price is Bearish. Stories about Ethereum’s nosedive and crashes are abundant in both financial and sensational media. However, the story is different when we look at the chart. Also charts are objective, they don’t have agendas.
Ethereum Price Still in an Uptrend according to its Price Chart
As shown by the chart below, Ethereum price is still within an ascending channel. The recent drop in price is a healthy retrace after the strong performance in 2017 and 2018. What’s even more interesting is the following:
- If Ethereum price maintains at current price level or higher, this could represent an amazing Buy opportunity for the next leg up.
- If Ethereum price maintains at current price level or higher, it will make a higher low. This is applicable as well in the case of a backtest of the double top breakout level of 400 USD, although this scenario seems less likely.
- We also noticed that we might be looking at a bottom in the form of a W which would have a target of 4000 USD in 2018.
To conclude, we expect Ethereum price to resume its uptrend towards the 2nd half of 2018. For investors , we believe researching and choosing the right Cryptocurrency to invest in, sticking to charts and tuning off the noise is of crucial importance as it eliminates FOMO and panic selling. From a fundamental perspective, Ethereum is undergoing upgrades that will increase its intrinsic value including its mining process which will result in a more energy efficient mining and faster transactions.
So although the news make it sound that 2018 is the end of Cryptocurrencies, we do not see any reason to change our positive outlook for Ethereum or InvestingHaven’s select Top Cryptocurrencies to invest in >> (only for premium subscribers, you can become one today by simply signing up).