ETH - a little tech analysis

[azzexx]

Hello everyone!
I recently made a post with a bitcoin grath and made an attempt to predict the price movement.
(https://bitcointalk.org/index.php?topic=4490850.msg40389581#msg40389581)
Today I propose to take a look at the etherium grath also. Despite the fact that the crypto currency market is quite young, the laws of tech analysis here also work.
So we can use it in our trading. This is an additional tool that can help us avoid some mistakes and reduce risks.



As we can see the falling trend continues and a strong support level is at $ 300.

So in my opinion it's too early to make new purchases right now. We need to wait for $ 300 or when the price overcome the falling trend upward.

What do think about it?

[Dmitry_K]

Interesting chart, thank you for your opinion. If you work without graphical analysis, then it's unclear where the market is going. It's useful to draw graphics, look at volumes, etc.

[Herbert2020]

there is only two things i can say about this,
the line you drew on the chart is too random. it has no "technical analysis" in it, specially the horizontal line that you are determining the "bottom" from it.
also when you are talking about a manipulated market there is no way of predicting anything. ETH has been pumped and the value that it has right now is the pumped value which is a lot higher than its real value. if anything TA points to a higher bottom but reality tells you the bottom is a lot lower than that but also there may be another couple of millions thrown at it to prevent its crash at some point.

[Dmitry_K]

there is only two things i can say about this,
the line you drew on the chart is too random. it has no "technical analysis" in it, specially the horizontal line that you are determining the "bottom" from it.
also when you are talking about a manipulated market there is no way of predicting anything. ETH has been pumped and the value that it has right now is the pumped value which is a lot higher than its real value. if anything TA points to a higher bottom but reality tells you the bottom is a lot lower than that but also there may be another couple of millions thrown at it to prevent its crash at some point.

I do not think the top line is random. This line goes through an important point on the chart and we see how the price falls along this line, but it can not overcome it. So this line is important for technical analysis and if the price overcome this resistance, we can say that the trend has changed.

[butka]

I do not think the top line is random. This line goes through an important point on the chart and we see how the price falls along this line, but it can not overcome it. So this line is important for technical analysis and if the price overcome this resistance, we can say that the trend has changed.

The horizontal line (at $300) certainly looks random to me. Sure, if you extend the line further to the left, you might find some area of support, but recency is one of the most important factors needed to justify your logic about a support line. A much better support line IMO would be somewhere between $400 and $380, because there you may find more recent support.

[enawati]

In my opinion strong level support of ETH is $400 ,the same like level support a few month ago. Crypto community is bigger and i think ETH and other crypto still in strong demand. From $400 has opportunity to going up again to $800, and when this level breakout the price will keep going up to more than $1000.

[kakonhat]

If you don't mind, I think this chart not helpful to understand price prediction. You didn't describe what you are talking about on that chart. You should describe your method but this is an only simple chart even you didn't say what time frame did you use for your chart.

[Pursuer]

In my opinion strong level support of ETH is $400 ,the same like level support a few month ago. Crypto community is bigger and i think ETH and other crypto still in strong demand. From $400 has opportunity to going up again to $800, and when this level breakout the price will keep going up to more than $1000.

well Ehereum demand is only its ICOs and the hype that surrounds them.
these days this hype is fading away because of many reasons such as competing better platforms for ICOs, ICOs being banned around the world, people not trusting them anymore because they have been losing a lot of money,... and all that means nobody is buying Ether anymore which means there is more dumping than any support line can handle.

[memecoin]

I think your analysis is not accurate. I think the price of ETH would certainly be more than $ 350. The demand for ETH is huge because most people investing in ICO projects must need to use ETH

[davis196]

So technical analysis is just drawing some lines over a price charth and predicting what would the future price be based on pure geometry.
Wow,I thought it was more complicated than that.By the way,I see that all the months in the graph are with their russian names.Are you from Russia or Ukraine?

[BitcoinHodler]

So technical analysis is just drawing some lines over a price charth and predicting what would the future price be based on pure geometry.
Wow,I thought it was more complicated than that.By the way,I see that all the months in the graph are with their russian names.Are you from Russia or Ukraine?

this is a new trend among some of these newcomers. what they do is that they first come up with something that they wish to see, for example in this case the wish is seeing $300.
then they start coming up with reasons to explain why it is going to happen. sometimes they go as far as even convincing themselves about it.

[SunJAB]

In my opinion strong level support of ETH is $400 ,the same like level support a few month ago. Crypto community is bigger and i think ETH and other crypto still in strong demand. From $400 has opportunity to going up again to $800, and when this level breakout the price will keep going up to more than $1000.

I believe that ETH is still a very popular coin in the future because it is a very practical coin. ETH is also the coin used to invest the most ICO so the actual demand of ETH is huge and potential.

[TheWolfCrypto]

Strong support level for Ethereum is slightly higher and is at the level of $ 370 (approximately). In addition, this level of support is mirrored, so the likelihood that it will break through to zero.