The little brother of bitcoin hasn’t been able to push higher in the past week, unfortunately we experienced a harsh and fast decline of about 13%.
In recent updates we discussed our alternative scenario of an alt.(i) – alt.(ii) in great detail, as of now it seems that this scenario has been playing out over the last days. Our projected wave (iii) target couldn’t be reached in this wave movement, we are sure that it will be reached in the next months, but the “detour” of this alt.(ii) was not our primary scenario…
A new retracement zone (green) is marked on the chart, and we are planning on accumulating further positions as soon as Ethereum should enter this zone. The crash of the past days has been quite troublesome for short-term oriented investors, but we at Mendenmein Capital are focusing on the upcoming cycle bull run, so we aren’t worried about slightly declining prices.
Let me be clear with this one, a continuation of our projected blue wave (iii) is very unlikely and the market will establish another alt.(ii) as we highlighted extensively in the past weeks. We will update this situation in more detail in our next Wednesday update. Ultimately, even if we see lower prices in the short term, our long term outlook remains extremely bullish and this situation doesn’t change anything about prices of 8’000$ in the future.
Please note that we are already invested in Ethereum since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$