Are you giddy about crypto? Better value at lower pricing

I see a lot of people getting excited about bullish trends emerging within crypto. Yes, I would love to see crypto move higher...but hope and reality are often separate.

When I analyzed the price trends for ETH, a significant development occurred this week. Price broke below the blue trend line that has been in force since June 2022. The break suggests the market's mood is changing from up to down.

Downside targets include $1290-$1332.

If ETH is successful in reaching these lower levels, then we'll reassess if deeper cuts are coming or if a formidable bottom may be forming.