Ethereum Value Slashes by 99%
Diupdate
Though this episode of crypto winter is very soon due to be a thing of the past, just a regular seasons do, it will come around again! Considering the all-time structure of Ethereum's price chart, I believe the next crypto winter will be especially bad for Ethereum.
While many altcoins are due for very sizeable runs (100x - 500x and more) over the next couple of years, I think Ethereum will top out near the $6000 mark, giving it a 3.6X push from current price levels. Beyond this, there is great chance that the sloping formation begins to drastically slip. Despite completing 2 sizeable five-swing moves and a correction between the two, its unlikely that this equates to a truly impulsive formation being developed.
The tell-tale sign for me is the extreme shallow correction that we see in the boxed area. Some would classify this as Wave 2 but I'm more inclined to believe it to be a Wave B instead. While it is possible for Wave 2 to find support/terminate near the 0.38 fib level, it is quite rare and even when it does, generally it still makes a return to the previous sub-wave 4. In this case of Ethereum this has not manifested.
If not in an impulsive wave, as the price action suggests, there are 2 options as to how this could play out:
1 - it Luna bombs and eventually makes new all-time lows.
2 - it drops to 0.618 - 0.89 fib levels (compared to the size of Waves A and C combined) and finds support there before resuming upside.
With this in mind, support at/near $20 is the very best outlook for Ethereum's mid-term future. From 6K-7K, this would equate to a massive 99% drop and this is a very perfect reason why its important to study and understand the science of price action. The last macro crypto pattern I've seen resemble this form was Luna. I thought it would find support at $1.50 but instead it dropped to $0.0000. My Luna prediction was shared well before the drop came. We will see in the years ahead if Ethereum follows suit or if bulls make a stand.
Until next time, stay safe and don't drown. Peace!
While many altcoins are due for very sizeable runs (100x - 500x and more) over the next couple of years, I think Ethereum will top out near the $6000 mark, giving it a 3.6X push from current price levels. Beyond this, there is great chance that the sloping formation begins to drastically slip. Despite completing 2 sizeable five-swing moves and a correction between the two, its unlikely that this equates to a truly impulsive formation being developed.
The tell-tale sign for me is the extreme shallow correction that we see in the boxed area. Some would classify this as Wave 2 but I'm more inclined to believe it to be a Wave B instead. While it is possible for Wave 2 to find support/terminate near the 0.38 fib level, it is quite rare and even when it does, generally it still makes a return to the previous sub-wave 4. In this case of Ethereum this has not manifested.
If not in an impulsive wave, as the price action suggests, there are 2 options as to how this could play out:
1 - it Luna bombs and eventually makes new all-time lows.
2 - it drops to 0.618 - 0.89 fib levels (compared to the size of Waves A and C combined) and finds support there before resuming upside.
With this in mind, support at/near $20 is the very best outlook for Ethereum's mid-term future. From 6K-7K, this would equate to a massive 99% drop and this is a very perfect reason why its important to study and understand the science of price action. The last macro crypto pattern I've seen resemble this form was Luna. I thought it would find support at $1.50 but instead it dropped to $0.0000. My Luna prediction was shared well before the drop came. We will see in the years ahead if Ethereum follows suit or if bulls make a stand.
Until next time, stay safe and don't drown. Peace!
Catatan
The extreme slanted/weak direction of this chart structure should not be ignored and instead should be a huge red flag for ETH enthusiasts.Catatan
After looking over the macro waves for ETH again, I think my macro outlook was a bit tainted on the last post. Considering the first zig-zag that took ETH near $1400, we should see another zig zag to come, considering the new ATH that came after its retracement to the 0.5 fib (of its macro move to 1400ish).I yet expect that the next crypto winter is imminent, however, it seems like the ETH ecosystem is poised to maintain and dominate even more, once its over... at least for a period of time.
Catatan
If the upside wedge plays out, it will be a precursor for a splash back to $211.Catatan
ETH due for 7K before the big macro drop.
Join me on the waves, where its safe. discord.gg/QRPx6ShxMt
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