ETH is going to reach 0.14 BTC price and then will sink
Updated
Hello! In my opinion ETH is going to reach 0.14 BTC price soon and after that I think we should be ready for a long ETH downtrend.
If you'll look at the 2016 charts you'll see that ETH had two small peaks. If you look closely you'll see that first peak is very similar to the peak in 2017 when ETH reached 0.15 BTC. I would even say that they have almost the same structure. I don't believe in such coincidences. Furthermore, the second peak started to form exactly in the same way. So I'm pretty sure that it is a cycle and it must be finished. When the peak will be finished, the long downtrend will come.
By the way, I think there are a lot of fundamental reasons for ETH downtrend in the future.
1. This coin has a lot of problems and I'm not sure that they will be solved in the nearest future.
2. It was rising only due to the ICO popularity and I believe that this year we won't see so many new coins because:
- There will be new ICO regulations this year
- There are too many coins now and it is obvious that we don't need most of them so the demand for new coins will fall
- After the last drop people will invest less in speculative coins and will look more for the fundamental ones
3. There are a lot of competitors and they are becoming strong. Yes, ETH was the king in 2017 but it will be too hard to save this position in 2018
So, in my opinion, if you're in ETH, you should sell it at 0.14 BTC. If you're looking for some profits, you can buy some ETH now and then sell it. The chance that it will reach this aim is really high
If you'll look at the 2016 charts you'll see that ETH had two small peaks. If you look closely you'll see that first peak is very similar to the peak in 2017 when ETH reached 0.15 BTC. I would even say that they have almost the same structure. I don't believe in such coincidences. Furthermore, the second peak started to form exactly in the same way. So I'm pretty sure that it is a cycle and it must be finished. When the peak will be finished, the long downtrend will come.
By the way, I think there are a lot of fundamental reasons for ETH downtrend in the future.
1. This coin has a lot of problems and I'm not sure that they will be solved in the nearest future.
2. It was rising only due to the ICO popularity and I believe that this year we won't see so many new coins because:
- There will be new ICO regulations this year
- There are too many coins now and it is obvious that we don't need most of them so the demand for new coins will fall
- After the last drop people will invest less in speculative coins and will look more for the fundamental ones
3. There are a lot of competitors and they are becoming strong. Yes, ETH was the king in 2017 but it will be too hard to save this position in 2018
So, in my opinion, if you're in ETH, you should sell it at 0.14 BTC. If you're looking for some profits, you can buy some ETH now and then sell it. The chance that it will reach this aim is really high
Note
Seems like ETH is out of game. Has no more fuel to reach 0.14 BTC. That means that the second peak has ended a bit lower then it should, but the picture all in all sticks the plan. ETH should be sold when it will bounce to around 0.095 BTC. After this you should be ready for a downtrend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.