ETH is not having its "2017" moment, neither is BMNR

8 ago

Despite Tom Lee calling for ETH to $18k (which I happen to agree on btw), I think his timing is completely off. He's thinking that ETH is bullish here and that we're going to go to new highs this year.

I think the opposite. I think the top is already in for the year and that we're going to head to new lows first before we make our way to new highs.

BMNR doesn't look good either. The chart is bearish on the 3W and 1M timeframe with a bearish divergence on the RSI.

I think it's more likely that BMNR retests the lows before it sees any large pump.

Let's see how the chart plays out over the coming weeks/months.

11 ago

Nota

This lower high pump likely stops somewhere between $60-63, or at $68 (although it can go as high as the resistance on the chart-- however, I think this is unlikely). Then price makes it's way down to the lows (the supports on the chart).

I don't think we break the highs this year (upper resistance). I don't think ETH goes to $18k this year (not having a 2017 moment). I think the bull market starts in 2026 and that we won't break the highs until then.

ETH needs to break and flip the $4300 level as support to be bullish and would need to break out above $4700 to see continuation to the upside. As of now, it looks like it's finding resistance there.

The reason why I think this move will just be a lower high instead of an impulsive move to the upside is because the RSI is way outside of it's bollinger bands, and anytime this has happened it's marked a top. This is a custom indicator I use. This is happening on the 3W, 1M, and 5W timeframes. That's why I think the lows will come by the end of 2025 because it'll take some time to play out.

Just providing additional commentary because many of you don't understand why I would go against what everyone believes. However, I pay attention to the chart and what it's telling me instead of listening to what everyone believes. I n all of my experience, usually when everyone is believing the same thing, it usually doesn't play out that way.

If you disagree with the idea and think we're going to new highs, all good. Just providing an alternative perspective to the popular belief based on what the chart is telling me.

Since this is a weekly chart, going to stop commenting and updating it because I've said everything I need to here and in the comments and will just wait for it to play out now. Good luck to all.