See why Ethereum is close to another breakdown: ETHUSD FOREX Crypto
Ultimately, this is a market that I think given enough time will drop. The $1900 level offers a little bit of support, but the $2000 level is quite a bit more impressive. We have been falling for a while, and the fact that we have continued to build a bit of a descending GET STARTED
Rallies at this point in time will be selling opportunities, and I just don’t see an opportunity to try and ride a move to the upside. Even if we were to rally, there is a significant barrier at $2100, followed by $2200. After that, you have to worry about the 50-day EMA which is at the psychologically and structurally important $2500 level. Ultimately, I believe that we will eventually find sellers and that at the first sign of exhaustion people will run away.
Crypto is a disaster at the moment, and there’s no reason to be looking to buy it. Even if it does stabilize a bit, you should have plenty of time to get involved and build up a bigger position. After all, trend changes take a while, they don’t happen out of the blue. Tightening central-bank policy has put a lot of upward pressure on the US dollar, as traders around the world are worried about risk appetite suddenly being wiped out.