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RE: Global Blockchain Conference ChengDu 2017 (English Version)

in #china7 years ago

Although I absolutely hate predictions, especially ones with exact numbers with no basis whatsoever "I think ETH will hit $1000 by Xmas.", sure and whatever.

BUT, I am going to predict! Here comes

disclaimer I am basing this off of the ETH/CNY exchanges, it may vary slightly from other exchanges but still a good indicator of what's to come

So exchange volumes are fairly low today, consolidating at around ~2730 CNY($400 USD), we'll see if tonight has any significant movement. But if this stays flat, it is definitely not good news for ETH prices, as most holders now are winning, the longer this takes, more anxious these holders will want to cash out.

From TA perspective (forgive me I do not have access to tools right now to draw out technical lines), looking at the chart, there's a good support at 2700 CNY ($397 USD) and a bit further below a very strong support at 2550 CNY ($375 USD). Essentially testing at 2700 is a possibility, I do not believe we'll go down to 2550, even if we do, it'll be a very difficult support to break below. This is assuming that no good news come from this conference, purely from technical analysis point of view. Any significant good news should come at the conference (eg. EEAChina filled w top companies from China), ETH price should hit yet another ATH.

From recent trades, I suspect new whales have come in to replace old whales, meaning holders have changed. What this means is that the new holders will expect newer highs to cash out, so I think the trend is still going upward in this regard.

Current prices also have been affected heavily from ICOs, new whales can very well come from these new ICO crowdfunding, so for now we shouldn't worry about a market crash from huge dumps of ETH.