Ethereum (ETH) Faces Short Term Resistance But Significant Downside Unlikely

Ethereum (ETH) has been the victim of a brutal market correction. However, recent developments show that the price could still fall back to $ 103 for a retest of the year. That being said, ETH / USD has now been able to prevent that from happening. Instead, we may see a rally towards $ 150 towards early 2019. However, the possibility of a retest of the The past few weeks have seen significant volume return to the market and trading interest in Ethereum (ETH) is on the rise. RSI for ETH / USD also shows that we have both bottomed out or are very close to bottoming out. The risk / reward for a long term position at this point is very attractive.

Ethicalum (ETH) has been trading in a descending channel since the beginning of the correction. The price has now reached the bottom of that descending channel. The only way it could break out of this channel would be if the price dropped below $ 100. I know that we have seen nothing that happens and the likelihood of that happening in the future remains low as well. However, once the price reaches the bottom of the channel. However, this time appears to be no bulls in sight. The bulls remain heartbroken. A lot of investors that bought Ethereum (ETH) around $ 1000 either sold at major losses or are still holding. They further fear downside.

For example, it is important to put everything into perspective. ETH / BTC is now trading on ETH / BTC, ETH / BTC is now trading on ETH / BTC. It has been unlikely to be broken at this point. Moreover, the 21 Day EMA is now very close to the price and ETH / BTC can easily break above it in early 2019. That being said, it is going to be a long time before we see a new all time high for Ethereum (ETH ) again.

There is a time for buying. A lot of people who bought around August or September last year and sold around January 2018 made a killing on their investment. However, if they had bought back then they would have seen what is possible in this market. We are now in the same phase as we were back in 2014 and we are now heading towards the same phase in 2015. This opportunity will be gone.