Ethereum in hot water?
ETH held itself pretty well during the market correction.. but now that BTC and the Alts are starting to ramp up.. ETH is showing definite signs of weakness. Red line shows us a "Lower high" on the daily chart with pathetic volume for the last 6-8 months... I see a drop to at least the 0.045 level.. We will need to watch closely at this price level, as there are many tokens currently running on ETH that will be launching their own mainnet blockchains within the next few months... which means they will no longer require people to hold ETH once the tokens are swapped to a new blockchain. Projects like EOS, TRON and many others have plans to release their own blockchain.. which I could see causing ETH some serious problems in the next few months. The whole reason ETH enjoyed such spectacular growth was due to the ICO space.. This will turn out to be an "Achilles Heel" for ETH as much newer and more functional products are pulled away from the ETH ecosystem as these companies bring their own competeing products to market. While I see a future for ETH in the ICO space as a common platform to launch from.. I'm hesitant to hold as long term investment at this point.. I believe this was a building block for too many other significant projects to remain as a top competitor in this space. I still think ETH will enjoy some decent gains this year.. but the "flippening" is going to be a tough one to achieve as all of these other projects get their mainnet up and running. My main wallet is about 98% tokens.. I hold only a small amount of ETH to cover gas. If the price bounces from the green line and starts a new upward trend, I may look at ETH for a swing trade.. but I will be watching closely as I don't think the line will hold due to the above stated reason. Pure speculation.. take it with a grain of salt :-)
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