ETH has brokeout, just like Ben Cowen predicted, and as I wrote about and summarized in my previous post.
In fact, it’s jumped over 35% in the past seven days! Great movement on ETH’s part and I hope all of you continue accumulating.
Of course, this is crypto, so expect to see a traceback and regression but, hell. Who really knows?
According to Ben Cowen’s regression curve, the fairvalue of ETH is $234. And following the regression curve, ETH tends to not stay below that fairvalue, or even within the range, very long. More often than not, it actually rises out of that curve along with market moves.
We can see from his charts that, where the price of ETH matched the fairmarket value (log1 = 0) that more often than not, ETH moves OUT of that range.
What is it going to take to move ETH into a moon position again? We need more than what we have seen so far this year, though if you played your cards right, you could have made off well. We need BTC, as the primary index of the crypto market, to continue riding, slow and steady, upwards into its rightful post-halvening position. That alone will give ETH the market stability to continue moving.
The other thing is moving out of 1.0 and into ETH 2.0. Right now, ETH is mostly used for scams and shitcoins, and you can OBJECTIVELY verify this by looking at the top gas burners and which contracts are generating the most transactions. And spoiler alert: the majority is used by shitcoins and MLM defi scams.
ETH moving into 2.0 will (hopefully) create the grounds from which ETH can actually scale. This means, potentially, faster and cheaper transactions. You might worry that means more bullshit coins. And yes, it could. But what it also means is that ETH can be used for things like Reddit, which it currently CANNOT scale for. Actual use as a world computer for the internet? THAT’S what will send ETH to a range we haven’t seen before.
So here’s to that, folks. I’ve been accumulating ETH and I’ll continue to be. The other one to grab is BTC. Don't fall for shitcoin scams.
