Four years ago, Ethereum was as hot as a pistol, and as it approached $5,000, speculation about how high it would go was running rampant, egged on by Raoul Pal who issued many long-dead predictions, including this item from March 2023 which declared $ETH would reach $20,000 by March 2022 “at the latest”.
I won’t endeavor to figure out why an article from March 2023 was offering up such a prediction already one year expired, but crypto bros are weird, man.
In any case, it didn’t get to $20,000, or even $5,000, for that matter. On the contrary. years after the aforementioned bold prediction, $ETH has been ambling around at about HALF its peak value, even with the recent preposterous ascent in asset prices across the board.
The reason I bring up Ethereum at all is because I’ve been mentioning every couple of days the curious alignment I see between $ETH and QQQ. Below we see Ethereum’s broken long-term trendline, and its bold attempt to reclaim that line (which, as God intended, yielded only a “kiss goodbye” at the underbelly of the same line).
Simultaneously, we see the NASDAQ 100 ETF, symbol QQQ, likewise racing toward its own busted line.
It’ll come as a surprise to no one that my most fervent wish is for both of these suckers to pause mid-air, Wile E. Coyote style, and succumb to all the gravity beneath each of their lines.
