The Trend is your Friend!

The long-term trend for ETH is still in bearish. It appears another reason for the most recent sell-off is quite a few companies funded their IPO's or other projects using ETH, and have recently liquidated at a rate 3 times more than they did in August. The weekly trend is best for those looking for a long-term short, or a long-term hold. I have seen some really sophisticated charts using very complex mathematical formuals. Well, this style of charting is reasonable it becomes too noisy for the average trader looking to take a position. I do, however, respect the work individuals put into their technical style. I have learned over the years to keep it simple.

"According to TrustNodes, in the 10 days leading up to September 13, Initial Coin Offering (ICO) projects have sold three times more ETH than they did in August, with major implications for price performance."
cointelegraph.com/news/ethereum-consolidates-newly-won-growth-as-wider-crypto-market-falters

As you can see from my weekly chart, Longs would need a break and close above $300. This would change the trend and limit Longs to one of the 2-cycles -- upward trend cycle, or consolidation. There is a 6 bar consolidation cycle with the last two drops in ETH price. If you are looking to enter long-term I would wait until the trend changes. There might be some room for a short-term trade here playing the dying momentum upwards, but far too risky. ETH is definitely BEARISH and continues to follow the weekly trend. This is my first chart analysis at TradingView -- if you like it and want more, give it a Like. I am neutral and have no position yet.