A Consolodation Scenario for Ethereum
Ethereum has been on of the most stable gainers in the last couple of years and has a clear history of consolidation based breakouts. Although its absolute insane growth of old may be gone it is fairly safe to say its old patterns will play out to a certain degree. Please note while reading this I am looking at it from an overall bullish perspective due primarily to all the good developments being made in the space most notably Sharding which will be arriving soon. Due to this Ethereum has the capacity to reach even greater heights as good tech is the best motivator of growth.
Now that being said we can see in the past that for any major ETH growth a period of consolidation must occur, similar to BTC A fairly strong bottom resistance can be noted as having been broken only once during the fear and panic of the post December/January bull run. I would say that this is pretty much due to general despair in the market at the time. We will most certainly be testing that resistance again and as such that would be the best time to accumulate ETH for the long term bull run to come.
ETH seems to follow Elliot waves fairly well and had a 250% gain from its previous height last time it ran, as such it would be safe to say that during the next run it would be able to at least replicate this with a height of around 2500-3200$ being possible.
In the short term I am fairly bearish on ETH as until sharding is released and the market stays so volatile there is not enough strength to propel it forward. So the best course of action forward would be to either sell ETH and rebuy close to resistance or simply hold but be prepared to see major losses before any major gains.
Buy: $600-400
Target 1: $850
Target 2: $1600
Target 3: $3000
Good luck!
Now that being said we can see in the past that for any major ETH growth a period of consolidation must occur, similar to BTC A fairly strong bottom resistance can be noted as having been broken only once during the fear and panic of the post December/January bull run. I would say that this is pretty much due to general despair in the market at the time. We will most certainly be testing that resistance again and as such that would be the best time to accumulate ETH for the long term bull run to come.
ETH seems to follow Elliot waves fairly well and had a 250% gain from its previous height last time it ran, as such it would be safe to say that during the next run it would be able to at least replicate this with a height of around 2500-3200$ being possible.
In the short term I am fairly bearish on ETH as until sharding is released and the market stays so volatile there is not enough strength to propel it forward. So the best course of action forward would be to either sell ETH and rebuy close to resistance or simply hold but be prepared to see major losses before any major gains.
Buy: $600-400
Target 1: $850
Target 2: $1600
Target 3: $3000
Good luck!
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