Bitcoin Forum

As we all know, everything is down right now including Ethereum and I was just curious as to when you guys think the bottom it will be? I know it hit 132 last night but I still feel like it might fall even further since I have a theory the closer to August we get the lower the prices will go. Additionally, prices seem to be at their highest during the beginning of the week and then pull back toward the end which would seem to fit, unless the market is truly recovering although as mentioned I don't see that happening until after August.  Some people are speculating that Bitcoin could go to around 1600 and Ethereum could be around 100 or possibly less in the following week. Also, do you think we will we see the peak levels of close to 400 like before the crash when it finally does recover because I think many agree that it really had no business rising that high so quickly and a lot of it was fueled by FOMO and ICOs hype so I'm predicting it might stabilize around mid to low 200s.

In my opinion, it's always impossible to predict the exact bottom or top of any trending market.

However a bear market usually won't end until most participants are pessimistic. I don't think there's enough pain in the market yet among small investors. Hence I think there's a long way until the end of this correction.

based on technical analysis (which i am mostly quoting from experts) the bottom of this drop is somewhere around $100 plus or minus $10.

but the thing you should know is that TA doesn't work for altcoins. they are heavily manipulated and are heavily affected by their design. for example the sell pressure that the 3 or 4 months of constant new ICO fund raising is brutal on the market. it is still pushing the price down and it will only speed up.

also you always have to factor in the panic sellers who will give up bag holding and start dumping their coins when a certain price level is reached and no dead cat bounce satisfied them anymore.

in short i'd say somewhere between $10 and $100 is a good guess and a good price for ethereum to be at.

$10!? That would be a massacre  :o

Thanks for the replies guys. You may have suspected, but I cashed out into FIAT at about $290 and I am indeed trying to time the market because while I believe in Ethereum for the long term, I also see there are times where it would more advantageous to sell high and buy back in substantially lower. Of course, the downside is if the price rises and stays high then I'd be out of luck but it's high risk and high reward. The thing that I'm wondering is whether the volatility of Ethereum is due to ICOs and I wonder what Coindash's "hack" will do to ICOs if anything. If I recall Insurex was "hacked" as well and while avoiding scammers on Slackbots is easy enough, it's nearly impossible to avoid if the official address is changed. It seems like the only purpose of Ethereum today is being used for currency for ICOs and I wonder if the fact that a scammer was able to bank $8,000,000 will embolden potential scammers and change the landscape. 

I'd say around the strong psychological support of $100. This is solid, normal consolidation though. I wouldn't worry.