Ethereum Mid Term Analysis
Believe it or not, Ethereum will go down to it's 2020 lows of $85 again.
And it's going to happen pretty fast. I believe it will go that low within 4-8 weeks. Chart looks completely broken.
My targets are the following:
TP 1: $800
TP 2: $570
TP 3: $400
TP 4: $250
TP 5: $100
Ethereum looks very bearish both against the dollar AND against Bitcoin. I believe Bitcoin will head down to it's monthly support at 13.7K this month, have a strong bounce to 20K, and then capitulate to below 10K, so I will be closing and reopening my Ethereum short positions as we hit these targets on BTC.
People seem to forget that Bitcoin, and crypto in general has NEVER been around during a recession, and let me tell you, this will be the Great Depression on steroids. It hasn't even started yet. While I do believe blockchain technology and this sector has a bright future, I think the way the cryptocurrency market is set up is going to be completely reset.
To top everything off, the US dollar index (DXY) just broke and closed the month above KEY resistance. When the DXY is strong, it is typically a sign that stocks, commodities, and crypto will suffer in value. And it's very easy to understand why the dollar is getting stronger and stronger; people are seeking liquidity to pay for higher prices in supermarkets, rent, electricity, and fuel, therefore money is flowing out of the markets.
BELOW YOU CAN CHECK MY PREVIOUS CALL ON ETHEREUM BACK IN LATE MAY (PERFECTLY MET TARGETS)
And it's going to happen pretty fast. I believe it will go that low within 4-8 weeks. Chart looks completely broken.
My targets are the following:
TP 1: $800
TP 2: $570
TP 3: $400
TP 4: $250
TP 5: $100
Ethereum looks very bearish both against the dollar AND against Bitcoin. I believe Bitcoin will head down to it's monthly support at 13.7K this month, have a strong bounce to 20K, and then capitulate to below 10K, so I will be closing and reopening my Ethereum short positions as we hit these targets on BTC.
People seem to forget that Bitcoin, and crypto in general has NEVER been around during a recession, and let me tell you, this will be the Great Depression on steroids. It hasn't even started yet. While I do believe blockchain technology and this sector has a bright future, I think the way the cryptocurrency market is set up is going to be completely reset.
To top everything off, the US dollar index (DXY) just broke and closed the month above KEY resistance. When the DXY is strong, it is typically a sign that stocks, commodities, and crypto will suffer in value. And it's very easy to understand why the dollar is getting stronger and stronger; people are seeking liquidity to pay for higher prices in supermarkets, rent, electricity, and fuel, therefore money is flowing out of the markets.
BELOW YOU CAN CHECK MY PREVIOUS CALL ON ETHEREUM BACK IN LATE MAY (PERFECTLY MET TARGETS)
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