Ethereum price is fueled by one thing. ICO's.
People need to accumulate ETH before each ICO and we've had lots of them in past months.
But now when you look at any ICO calendar there are only three big ICO's coming and all of them this week!.
First one is tomorrow's ICO of Status: https://blog.status.im
Then on Wednesday we have two ICO's, one is CIVIC and the other one is Skincoin.
Status is potentially huge and the hype is going through the roof.
CIVIC is also potentially a big bet with max cap of 36M USD like the BAT token.
Altogether they might soak up to 100M worth of ETH.
But then the calendars are empty! Only some minor shitcoins that look like a scam which appeared just few weeks ago to benefit from this market.
There will be no more demand for ETH because of ICO.
Tezos is coming on 1st of July but it's not ERC20 so most people will choose BTC as an investment.
And Ethereum blockchain is already bigger than BTC! Imagine what will happen to block size and fees when all that ICO's will actually start working on top of ETH and making transactions! Or maybe they wont hahah.
My strategy is wait till people accumulate ETH for Status, CIVIC and Skincoin and dump my ETH on 21st and then open short position.
Why I'm NOT buying Status, Skincoin and CIVIC.
Because only few ICO's outperformed ETH! It was much more profitable to just HODL ETH because ETH price was pumped by all of them.
Plus now everybody wants ICO right? Because we all know that they can only give profits right? Well think again what happens when EVERYBODY thinks they are going to get rich. It's way too much hype and euphoria. And some of recent ICO's who lately went to exchanges gave really miserable profits. GameGO, ETT. You could have hundreds of percents in profits in ETH you'd put into them.
And there is one more factor. When you go to forums and boards you will se that topics and questions about MINING are booming. Everybody wants to buy rigs and mine. It's 2013 all over again. Remember what happened 2013/2014 when people were buying graphics cards like crazy?
My suggestion? Stay away from the mineable coins, most of them. Because average guys mining and dumping everyday millions of dollars worth of coins on investors head mean just one thing. Price will go down.
My latest articles you might find iformative:
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Btw finally convinced my girlfrend to start posting :)
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