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Overall, the Ethereum (ETH) bears are in charge, as clearly shown by the price action of the last two weeks. However, this is happening behind good development not only in Ethereum but in the cryptic verse. Thus, while traders naturally gravitate towards the sell side of the trade, long-term holders should appreciate this decline and try to increase purchases when the time is right.
From the News
The fascination for fast money is big business especially in these unexplored waters of crypto and while the scammers are actively demonstrating, Ethereum is a fast road to a big dollar. It's so serious that these scam artists have allowed us to clone Elon Musk's account and while we do not know how many have bitten, the park could be in the millions.
It's so bad that Vitalik had to change his Twitter handle and include the "Non-giver of Ether" tag as a disclaimer. Fortunately, reports indicate that Adam Guerbuez, a crypto-evangelist, has cracked one of these scam artists by revealing their millionaire status. Surprisingly, the guy said he made between $ 50K and $ 100K in a single day from "mooches" who want to double their ETH quickly.
We hope, however, that this carefully orchestrated scam has come to an end in the days to come. Will we look at a blockchain-based solution that will make their smart bot useless as previously suggested by Vitalik or will these robots evolve and overcome the stark scourge of Twitter? Time will tell, but at the moment we have a scam artist now a millionaire every 10 days.
Coins that focus on privacy and anonymous coins often affect mainly regulators who simply do not appreciate them. The secret service in charge around the world thinks they are "bad" and effective regulations should be in place to free the market from bad elements by exploiting the characteristics of these coins to devastate society. On the other hand, Vitalik thinks ZCash is actually "cool". Why not? ZCash is one of those coins that could be traded on CoinBase.
Weekly Chart
Weekly Chart of Ethereum for Trading View
Technically, Ethereum (ETH) is a direct sale and the chart supports that vision. First, the price action wise, the last two weeks has been good for sellers who not only broke below the lows of June 2018 to $ 400, but when they exceed the $ 400 limit. As highlighted previously, the $ 400 acts as the lows of 2018 and the main sales line according to our latest technical analysis of Ethereum (19659004) However, what stands out next to the obvious candle holder is the wide range of exchanges in the last two weeks with an average of $ 85 which define this wrapping pattern. Furthermore, there was a sharp increase in trading volume after prices fell under the consolidation of 40 days from June to early August per week ending August 5.
If anything, these events explain our business direction. Therefore, our inclination is to sell the shots back in a shorter period of time in line with previous ETH business plans.
Daily Chart
Ethereum's daily chart for Trading View
elaborated above, ETH prices are now traded below the low-level $ 400-June 2018 multi-level supports $ 350-2018 minimum.
That by all accounts suggestions of strong bear momentum, especially when you take into consideration that time taken to perform that break below. It took five days of negotiation for the bears to violate the main lines of support that triggered our sales in the process.
Now, because of this and 10th of August, a candle holder that has closed convincingly below $ 400, we recommend selling ETH at spot rates with stops at $ 400 and first targets at $ 250, around the fourth quarter lows 2017.
Disclaimer: The opinions and opinions expressed are those of the author and do not constitute an investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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