Ethereum Continues to Break Down ETH ETHUSD cryptocrash cryptotradi
By doing so, it confirms the “M pattern” that I had been talking about during the previous session. Because of this, it looks like we are ready to break down a bit and it is more likely than not that we are going to continue reaching towards the $2600 level. After that, the $2500 level could very well be targeted, an area that has been support in previous attempts.
If you are waiting for that signal to short the market or even get out of it, that is roughly $2000 too late. That being said, people will pay attention to it and it will probably get a few headlines here and there. One of the biggest problems that Ethereum is going to have is the fact that it is a risk asset, and quite frankly risk assets have been getting hammered as of late. The markets continue to be very noisy and therefore I think is probably only a matter of time before volatility shakes more people out.
Nonetheless, I do think that we have further to go to the downside and as I like Ethereum for the longer term, I hope we get a crypto winter so I can start piling money into this market for the next move higher.
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