ETH/USD — Monthly Time Frame Outlook
Looking at the monthly time frame and analyzing the 2017 cycle at large, it took 1096 days for Ethereum to reclaim its previous ATH at ~$1400. From here, we saw the historic cycle upwards almost claiming $5000, but falling a bit short.
The top of this cycle with the extension of 1096 days puts Ethereum at reclaiming the previous ATH in late 2024, alike to December 2017 and December 2021. History doesn't repeat itself, but if we were to follow this same structure then we'd see this cycle play out with the Bitcoin halving event in 2024. This year i'm expecting a similar short run-up like that of early 2019, before continued consolidation going into 2024.
There's going to be plenty of trading opportunities and more volume as opposed to 2022 where it was a constant free fall; markets have found themselves, not necessarily bottom on select assets, but ranging near bottom levels.
I mean sure we could go lower, like anything, you must take a look at your risk on your trade. What am I risking by taking the trade vs. what am I risking by not taking the trade? Well I entered at $975 for my long term Ethereum as i'm fairly confident $880 was the bottom on seen in June, and my risk by not taking that trade would be missing out on the double digit % gains from the bounce and the return to the mean in a few years. If I didn't take this trade I would be sitting on the sidelines and waiting, hoping, and shilling doomsday posts on the blue bird app in order for my thesis to play out so I can enter at a lower position. Nobody wants to be proven wrong.
Trading wise, this isn't a trading post, this is moreso a long term outlook, and throughout the year i'll update on some positions of mine. I will definitely keep you updated if we come down and wick lower, but for the most part, the markets are down 80%, this is prime position re-entry zones for the long term.
Daily reminder for your chip stacking: It doesn't matter whether you buy a commodity for $7, $100, or even $1216 when it's trading at $5000.
The markets have for the most part capitulated the 2021 hype cycle lads, and now all we're left with is the hardened crypto veterans who are in this for the long haul. It's going to be a long and slow year for the most part, but at least we'll have more volume to play with.
As always please do your own research, I am not a financial advisor.
The top of this cycle with the extension of 1096 days puts Ethereum at reclaiming the previous ATH in late 2024, alike to December 2017 and December 2021. History doesn't repeat itself, but if we were to follow this same structure then we'd see this cycle play out with the Bitcoin halving event in 2024. This year i'm expecting a similar short run-up like that of early 2019, before continued consolidation going into 2024.
There's going to be plenty of trading opportunities and more volume as opposed to 2022 where it was a constant free fall; markets have found themselves, not necessarily bottom on select assets, but ranging near bottom levels.
I mean sure we could go lower, like anything, you must take a look at your risk on your trade. What am I risking by taking the trade vs. what am I risking by not taking the trade? Well I entered at $975 for my long term Ethereum as i'm fairly confident $880 was the bottom on seen in June, and my risk by not taking that trade would be missing out on the double digit % gains from the bounce and the return to the mean in a few years. If I didn't take this trade I would be sitting on the sidelines and waiting, hoping, and shilling doomsday posts on the blue bird app in order for my thesis to play out so I can enter at a lower position. Nobody wants to be proven wrong.
Trading wise, this isn't a trading post, this is moreso a long term outlook, and throughout the year i'll update on some positions of mine. I will definitely keep you updated if we come down and wick lower, but for the most part, the markets are down 80%, this is prime position re-entry zones for the long term.
Daily reminder for your chip stacking: It doesn't matter whether you buy a commodity for $7, $100, or even $1216 when it's trading at $5000.
The markets have for the most part capitulated the 2021 hype cycle lads, and now all we're left with is the hardened crypto veterans who are in this for the long haul. It's going to be a long and slow year for the most part, but at least we'll have more volume to play with.
As always please do your own research, I am not a financial advisor.
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