Let's talk about the past, present, and future of $ETH !
Before the crazy bull run of ETH, back in March 2020, the price of ETH was less than $100. Who would have thought it would rise to $4800 by the end of 2021, nearly a 50-fold increase!
Now, looking at the current trend of ETH, it is actually undergoing a major adjustment from that previous bull run.
This adjustment is divided into several parts. The first part was a drop from $4800 to $880, which was quite a significant decline. I don't know how many people got washed out during this drop.
The second part was a rebound from $880 to $4100, followed by another downturn. Currently, we are in the third part of the adjustment, where the price of ETH is like a headless fly, flailing around everywhere, actually looking for a bottom.
The highlighted area in the chart shows a potential bottoming moving average structure; however, this 3-day moving average structure is a bit large, and if used to guide trading, there will be a lag.
Therefore, I suggest everyone first observe the daily level. After all, major trends are formed by the resonance of smaller levels, but we can't just look at very small structures, as they can change rapidly and lack stability.
From the nature of ETH itself, it is different from BTC. BTC is a unique existence in the crypto space, with no competitors.
Its competitors are gold, high-quality US stocks, and fiat currencies. The narrative of BTC is risk aversion and hard acceptance, with many believing it will eventually surpass fiat currencies and become national and institutional reserves.
However, ETH is different; its competitors are other public chains in the crypto space. Take ETFs and staking as examples: if ETH can do it, other public chains can too, and some even offer cheaper and faster alternatives.
Will there be an altcoin season in the future?
As long as market liquidity becomes abundant, an altcoin season is inevitable. This is determined by human nature and the essence of gambling, and no one can change that. When the time comes, various altcoins will rise dramatically.
However, when the altcoin season truly arrives, whether ETH can become great again is uncertain, and it ultimately depends on the native narratives within the crypto space.
With interest rate cuts approaching, I plan to publicly position a meme coin, expecting a short-term increase of 10 times and a long-term view of 100 times. The same market conditions, top strategies, let's keep up and witness everything.
