Ethereum re-entered the exponential growth channel recently.
White line represents ETH mean.
If price breaks below channel, then it signals that the tech has fallen into the chasm and unlikely to progress towards adoption. The rate of adoption is too low to consider a move away from long-term exponential trend to logarithmic growth yet. This occurs at peak adoption. Currently adoption appears to be decreasing, not increasing!
Your observation are so different and interesting, thank you!
nomisl
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It looks like a ladder pattern...it goes to the right and hit the mean line, then goes up. Then it goes right and hit the mean line again and it goes up. I wonder if it'll do the same again this time. I was thinking of buying ETH today...but might wait a bit now.
RealMcafee
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@SaimanLi, Hi Saiman, actually ETH is also very close to a horizontal support level If you also look on the main chart you'll see each "ladder step" has such a horizontal level associated with it. When we made the December bubble, we tried to make another step but failed. Everybody was assuming this is a "big correction" for months, really didn't have to be, but I guess it's return to the mean now... we might bounce one more time before we get there though. Everything is super oversold.
nomisl
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@barclayjames, Hey James, Yes I've also got that horizontal support line on my chart, around the $350 area. Now if ETH does hit around that level BTC could be around $4,900 as well. Which is one of the figures people are calling for.... Also at $350 area it'll form quite a nice double bottom...Although I guess BTC also did that but failed to rally. On the weekly RSI ETH is about to hit 40 (the same level as in April)..and that is the lowest since Dec 2016. BTC RSI has been going down since Dec and its also hitting 40 now.
I've been trying to apply the Dec mentality to now, i.e. when so many people were calling for new ATHs which didn't happen....which is sort of like now...more n more people calling for ATLs and the figures are just getting lower and lower. So at some point its going to reverse and catch those shorters out...just like how the Dec fall caught bull people out.
nomisl
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@barclayjames, I also just noticed that it takes about a year for ETH to get back to the mean lines (even though the price could be rising during that time)....