nick
@nickysap
Ethereum has been one of the worst investments in crypto since its pico top in 2021. If you bought then, you're down 60%+. ETHBTC revisiting levels not seen since Dec 2020 right before it ran to its ATH against USD. This was also a critical level right before the 2017 run to its previous ATH against USD. If it's gonna bounce, it needs to bounce here. Historically, ETH/BTC lows have preceded USD highs, but this time? It doesn’t look likely. - ETH has never put in new highs against BTC - No ATH against USD this cycle, with key resistance at ~$4082. - A multi-year downtrend on waning volumes - Seemingly bottomless RSI, oversold into oblivion and illustrating immense weakness. If you're long-term bullish on ETH you're praying for a mean reversion at best right now. But that would rely on major catalysts driving volume into a renewed alt szn.
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dude
@imthedude
if eth falls then it all falls
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nick
@nickysap
fwiw i don't think eth's decline in price is related to a lack of fundamental value. it's still probably one of the most important pieces of technology on earth. i'm just not going to buy it unless i need to use it for something (i.e., its value is its utility)
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dude
@imthedude
i agree the reason it pumped so high in 2021 was nft’s were built on top. my feeling is there will be some more interesting projects built that will cause another upward climb. we will wait and see
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