Ethereum has suddenly risen today on increased volumes to above $200 at the time of writing. That’s after reaching a new low of $167 yesterday.
A low that was tested in quick succession about three times and perhaps even a fourth time, with it holding as there may have been no more sellers left or perhaps there were far more buyers to cover them all and more.
Now most seem to think, after a nine month drop of 87%, that this has bottomed. Perhaps, only time will tell whether it has or otherwise.Ethereum’s V, September 2018.
That chart is very zoomed in at one hour candles, let’s zoom out to daily and see what we can find in these waters:Ethereum’s price on daily candles, Sep 2018.
Pretty much straight down for all summer until the one cross yesterday when even bears may have been scared of $167.
Coincidentally, 167 is almost precisely half of 324. If you’ve just come here from the stock market, the relevance of that is considerable because 324 is a huge meme. So our discovery that 167 is half of it means illuminatus is finally confirmed.
Now if we reverse the above chart and turn it upside down and somewhat ignore the time frame as they are different assets, we get something like this:Dow Jones on monthly candles, September 2018.
Straight up for about ten years, fueled perhaps by endless Fed money printing and maybe overall bullish sentiment to increase some 4x with the lowest price here being some 80% from the current high of $26,000.
Cryptos have dropped 80%, so is that just a coincidence or them laluminatus again? And, as much as we’d rather not for we enjoy booming times, is it not perhaps wise to ask just how high this can now go?
In other words, would it not make some sense to diversify at the very least perhaps just 1%? If all stock owners did do so, then the global stocks market cap is estimated at $100 trillion, which would give eth a market cap of $1 trillion, same as Amazon or Apple....