"There appears to be a need of some bold man who will say outright what is best... opposing the mightiest lusts and following reason only."-Plato - Laws, VIII, 835-
ETH/USD
- Coming back to Ethereum this week as we just saw some important price action taking place which I would like to analyze with you. Given the recent rejection when breaching a new ATH we where expecting further corrections to take place which as we can see are currently happening.
- Given the volatility we have seen the last couple of days it would not come as a suprise to see a bigger drop towards previous Daily Support levels at 1150$ or even 1060$.
- If Ethereum cannot sustain it's bullish momentum and break to new ATH we should be very careful and patiently wait for price to find a bottom before we decide to step in to a long position.
- As always, keep in mind two or more plans when trying to predict price action to make sure you check your own bias and can act with some kind of plan wether the price of Ethereum decides to climb higher or drop lower.
Remember, nobody can predict the price of cryptocurrencies accurately and anybody claiming the opposite is probably trying to claim your attention and your money. Predicting the price of cryptocurrencies is akin to predicting the weather; the further into the future you try to predict, the bigger the deviation and error rate will be. This is due to the fact that in a complex system involving thousands of variables, some which are know and others which remain unknown, an accurate prediction can only happen if every single variable is correctly accounted for.
Chad trader from ClearThoughtCrypto