EthereumUpdated Ethereum Back to Earth
Ethereum 1.46% appears to be reaching for its current high for the period and another extreme dip is waiting on the horizon (note areas labelled "Valley of Death"). The red vertical dashed lines indicate the moment of the lowest price points and the blue vertical dashed lines represent the moment of highest price points. I believe we are entering the third highest price point in correlation to the overall downward trend of Ethereum 1.46% with lower highs and lower lows (follows closely to Bitcoin 2.49% ).
The green and cyan downward trend lines represent the highest (primary) peak sets. Yellow downward trend line for the secondary high peaks. Orange downward trend line indicates the low valleys in relation to the secondary yellow line peaks. Red downward trend lines indicate the lowest of lows in relation to the primary peak of green. The black downward arrows denote the length difference between the highest and lowest price points in a given section.
Where the horizontal and red lines intersect, that is where the hypothesized next valley of death will play out. The pink horizontal line marks where the third arrow difference hits the dark red valley trend line and the intersecting horizontal and vertical red lines. I've drawn out the hypothetical pattern in purple using the coloured lines as guides from the indicators. Keep in mind this time line is an estimate where I think things will hit but it's likely to play out in a more narrow (faster) fashion sooner than expected.
I hope some of you find this was useful. It looks like Ethereum will be quite interesting this weekend into the next.
The green and cyan downward trend lines represent the highest (primary) peak sets. Yellow downward trend line for the secondary high peaks. Orange downward trend line indicates the low valleys in relation to the secondary yellow line peaks. Red downward trend lines indicate the lowest of lows in relation to the primary peak of green. The black downward arrows denote the length difference between the highest and lowest price points in a given section.
Where the horizontal and red lines intersect, that is where the hypothesized next valley of death will play out. The pink horizontal line marks where the third arrow difference hits the dark red valley trend line and the intersecting horizontal and vertical red lines. I've drawn out the hypothetical pattern in purple using the coloured lines as guides from the indicators. Keep in mind this time line is an estimate where I think things will hit but it's likely to play out in a more narrow (faster) fashion sooner than expected.
I hope some of you find this was useful. It looks like Ethereum will be quite interesting this weekend into the next.
Note
It looks like the anticipated high of the first drawn purple peak maybe be too high of a reach with the kind of low volume we've been seeing since the last major dip. I believe this same pattern will play out but with some more forceful dips. Now looks like a safe point to exit if you've been riding the wave up as it definitely looks like that first substantial drop is looming around the corner. Also of note is that Ethereum has not been matching a good 1/10 to Bitcoin, but rather is trailing a bit lower. If we go by BTC as the lead indicator, then the green line has already been met and ETH was just late to the party and has to go home early.
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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.