My thoughts on ETH are pretty much the same as with BTC, (see the BTC chart I published today for my thoughts on BTC), pretty much since Jan. 13th ETH has been stuck in a 10:1 ratio with BTC. So I would expect if BTC rolls over and heads lower we will see the same from ETH, or if BTC keeps moving higher again I would expect ETH to do the same. As I said in the BTC chart comments I am not yet convinced that the lows set on Feb. 5th (ETH) & 6th (BTC) are the bottom, as the chart shows I could see a double bottom as one possibility or ETH could head lower and set a lower low. Of course, another possibility is that the low on Feb. 5th really was bottom and we just keep moving higher.
Yep. I’m sitting with cash on the sideline ready to pounce. It was fun the last go round. I traded 7500 - 8500 BTC last week but the commissions and risk take the thrill away.
TheGush
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I also notice that ETH is now at that 10:1 ratio. I am with you, I still think we need to see a double bottom before confidence is restored in the market. At this point I just want to be over and done with so we can see a new bull run. I’m sure there are lots with me on that. Tired of the uncertainty and the boring, stagnant market. Nobody wants to trade when prices are swinging 1% back and forth. Too much risk and not enough potential reward. The smart players are staying out of the market until we see some real direction. I’m feeling the same now.
Bigsky_Crypto
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@TheGush, Yep, I totally agree. I have been on the sidelines for weeks now, I have just recently started making some small buys to add to long-term positions. I'm not sure how long this correction will last, I could see a period of consolidation (weeks or maybe a couple of months) before building momentum and starting another bull run. who knows though maybe this is a rinse and repeat scenario, after all, it was about the middle to end of Feb. last year when ETH really started to take off. Maybe this is bottom and ETH is getting ready for another run higher.
TheGush
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@hdon94, yes, make no mistake- throwing in small amounts at these prices is a wise move in the long run. We will one day *wish* that we could buy sub-1k ETH again. Even if we’re not at the bottom, I think you’re wise to DCA in during the dips. Me personally, I have about 60% of my cash invested (around 12k avg for BTC and around 800 avg for ETH)- I’m still waiting very patiently for that dream buy. If I could get ETH at ~$500 you bet I’m dropping the rest of my wad on it there, haha... same for $5,000 BTC.
In fact I’m waiting for 5,000 BTC, 500 ETH and 100 LTC. If we hit those levels I’m going all in. We may or may not see those numbers, but I certainly am saving the last of my cash juuuust in case.
Bigsky_Crypto
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@TheGush, I'll be right there with you buying! I would love to get $5000 BTC, $500 ETH, $100 LTC and sub $100 NEO! If we see those levels I will be buying aggressively.
Doc-al-Citadel
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@hdon94, neo and ltc both down to 50?!?
Doc-al-Citadel
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@TheGush, levels look right but i think ltc may be cheaper as discussed ;-) 500 eth yes pleeeeeeeeeeeeeeeeeeeeeeeeeease