/biz/ - Business & Finance

What is going on with Ethereum? Wasn't everyone super bullish on it a month ago? Literally every YouTuber was shilling ETH in every video, calling for $3k,$5k even $10k!!! Now all of a sudden, it looks like the next coin behind XRP to suffer a slow agonizing death... Something very fishy is going on in the crypto space and I think CZ/Binance may be doing some shifty things in the background...

Bro, Ive held ETH since the $30-$40 days. Ive heard this same FUD evbery year like clock work... "Imagine buying this shitcoin for $100 knowing that nobody is gonna buy ETH this high".... "Imagine paying $60 for this shitcoin knowing its only going to zero" blah blah blah... This is a speculative market. Once Retail starts speculating that ETH is going to $10,000 a coin, the majority will hold and buy more and more and will drive the price up. Will ETH dump in the meantime? Absolutely! Will there be periods where ETH will crab walk while other alts pump 5x,10x 20x? Of course! But at the end of the day, a lot of those shit coins will drop to virtually nothing after peaking their all time high.... Ethereum is one of the few alt coins from the past bull market to break it all time high already. If this coin was worthless, it would have reflected in the price by now. Instead, it has OUTPERFORMED Bitcoin and even some alt coins despite the 2nd largest market cap in the market. You think it was coincidence that Ethereum reached the 2nd spot in the top 10?

Pay attention to the volume on the lower time frames (like the 1min chart). You will see nearly the same amount of ETH being sold and bought off almost instantaneously. Its not hard to suppress the price of any asset during this bull run. Since most of the attention is on BTC, you can buy 400 ETH and then immediately sell once it has pumped a few cents to cover the tx fees. This in turn will create the image of lower demand with the price not being able to break out. All investors see is green candles followed by a red candle and not progression upward. This also create more traffic for BTC as investors are likely to sell off ETH for their BTC out of frustration. This was happening during the last bull market as well.