Ethereum ETH was my second cryptocurrency. With obvious reasons. In case you aren’t familiar, I suggest searching ‘What is Ethereum’ because I ain’t writing all that down. NOPE. Hurts my brain thinking about that.
Ethereum is the second largest crypto and the most widely used smart contract platform. It isn’t leaving us any time soon. (Unless it takes off to space) So, I’m holding this long term.
Keep mind that upgrades such as Casper will implement Proof of Stake (POS) which is faster and more efficient than the current Proof of Work (POW).
If Ethereum lives up to it’s expectations it could be a game changer. However, let’s not look to far ahead, and look at what the technicals are showing us.
Too the charts!
(Based off Bitfinex data)
Below are 2 charts using the Boss Method by Brandon Kelly. The first one isn’t recommended using ETH/USD. Boss method should only be used when comparing Bitcoin pairs. I’m using it now just to highlight breakout point in May and where we are now.
I suspect we can see a little dip below $1000usd before we take off again but look between April and May in the chart below.
As the 7ma moved above the 77ma the volume was considerably low while the 7 consolidated but hanging above the 77ma.
We have the same action again.
In the past, it wasn’t so important to compare alts with USD as it was comparing to Bitcoin. However, that seems to slightly changing. Especially for Ethereum. The reason for this is because you can purchase Ethereum directly with Fiat money.
However, the Boss Method is designed to trade against BTC. So before jumping the gun, we can’t ignore what the charts are telling us using this method.
Check out ETH/BTC below using the Boss Method. We are currently positioned at an important level. Scruffing the top of the 231ma from back in July. It’s possible that we blow pass this, hitting 0.16BTC and then come back down to test the 231 again at the level we are at now.
If you haven’t bought Ethereum already, it’s a difficult time to start because we are about to test all time highs. But, if you do, expect to hold on to a loser for a month until it recovers and do so with pride because I think Ethereum is going to impress us.
Either way, I think Ethereum will be here for a long time, what do you think?