“Ethereum chart is totally broken. Any rally will be pushed down with stiff selling pressure”, says a non-crypto trader
Ethereum’s slide from the mid four digits zone ($1400) to the measly two digits has not been fun for the holders. However, if this prediction is to be trusted, there is more pain for ether and the price levels of $40 are quite possible. Perhaps even lower. So who is this technical analyst that made the prediction?
Meltem Demirors of Coinshares.co posted a tweet about here conversation with a non-crypto trader and what was his reaction to the Ethereum price action chart:
asked a non-crypto trader to give me his take on the $ETH chart ?️??
"this chart is totally broken. any rally will be pushed down with stiff selling pressure. reminds of when Lehman and Bear went down."
— Meltem Demirors (@Melt_Dem) December 14, 2018
As you might expect, the tweet drew attention by a lot of crypto personalities, everyone chiming in on the topic. Peter McCormack thinks Ethereum is going down because of the pending SEC actions against ICO projects, majority of which ran their token sales on Ethereum. He based this opinion on the statement made by the prominent lawyer and crypto aficionado Jake Chervinsky who said:
“Every crypto company that raised funds through a public token sale is currently at risk of being forced to pay back every single dollar to their initial investors. The level of risk may differ for each company, but it’s non-zero for all of them & it still hangs over their heads.”
Should SEC be as harsh as some expect it to be, ethereum is going to be met with a real exodus of projects and funds with potentially insurmountable selling pressure.
Demirors got back in the discussion by asking who would buy ETH at this level knowing there is more selling and pain down the road, while pondering if $40-60 is a good range to enter.
ok – say we've hit peak selling. who's buying?
— Meltem Demirors (@Melt_Dem) December 15, 2018
McCormack replied to it by saying:
“Who needs ETH right now? – ICOs are dead – Nobody is using DApps so no gas required Game over.”
CEO of Shapeshift, Erik Vorhees, joined the debate siding with ethereum:
“You shouldnt invest in things people obviously need today. You should invest in things people might need tomorrow.”
The whole thread, as usual, drifted towards milder insults and tribal arm wrestling as ETH fanboys washed up and started picking on BTC and its price demise.
Probably the best tweet of them all came from this user:
Give the non crypto trader the bitcoin chart of 1300 all the way down to 150 dollar (2013-2014 chart) ask him if he can see the run-up to 20k
— The Joker (@Snappaz) December 14, 2018
