Ethereum (ETH) is back in the green after its biggest sale in history. The volume profile for ETH / USD shows a big red spike that has pushed many bag holders to panic. The sell-off was fueled by a break in the previous market structure that has broken investor confidence. Of course, those who have been around for a while more know that this has happened before. However, most of the "analysts" on Youtube and other social media forums made a big deal in this breakdown of the market structure. Considering that we have many investors for the first time in space, it was expected a sale so widespread in the encrypted markets. The price is back above the point where most of the panic has been sold, but now they will have to pay to get back into the game.
You know you're in a bull market when you have to pay more than the price you've sold to get back into play. This is exactly what is happening although some may not agree that we are in a bull market. I like to think that we have been in a bull market since the beginning of Ethereum (ETH). However, we have witnessed periods of bull and bear tendencies in the commercial history of Ethereum (ETH). The price of Ethereum (ETH) seems to have staged a successful recovery, but it may take a long time for investors to get back up. The price could see a recovery in the short term and it is very likely that this was the bottom. However, it is equally unlikely that Ethereum (ETH) will soon reach a new historical high.
Indeed, there is a strong possibility that ETH / USD does not even reach the previous maximum over the next 12 months. That said, the price still has plenty of room to go from its current price. After the recent correction, it is expected that Ethereum (ETH) will enter an accumulation phase in which strong hands will accumulate before the next rally. For all we know, the rally could take another 24 months or more. However, it is very likely that we will see another rally and the price of Ethereum (ETH) will eventually reach a new historical high.
Ethereum (ETH) appears to be traded in a wedge that may not be able to come out before the beginning of 2019. Ethereum (ETH) may still be able to exceed $ 200 by the end of the year but the probability that this happens now is lower than before. The most likely scenario based on the previous price action would be that Ethereum (ETH) could end up testing the top of the wedge that falls in the coming weeks. It is likely that it will be rejected and fall back into the falling wedge. However, it is extremely unlikely that it will fall below the current minimum. Ethereum (ETH) could come out of this fall wedge in mid-2019 during which we can see it rise to the previous historical maximum.