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Ethereum Suddenly Crashes 20% Amid Chatter Of More ICO Fraud; But Goldman Sees Bitcoin Testing $3000

Two days ago we saw the first ICO fraud exposed (as CoinDash was hacked), and after a big rebound the last two days (as civil war seems to have been peacefully resolved with 80% of hashers reportedly accepting SegWit), Ether is suddenly crashing again as several tweets mention more (and larger) ICO hacks.

Positive news on the scaling deadline helped early but then ETH started to tumble…

Amid heavy volume…

 

No clear catalyst but we note several social media accounts pointing to this…

Ironically, Goldman is also out wth a new bullish note on Bitcoin…

Bitcoin has reached/so far held notable support at 1,857-1,789. The area includes an ABC equality target off the June high as well as the 100-dma. The 100-dma has been particularly reliable in holding pullbacks since the late-’15 lows. Moreover, due the corrective nature of the pullback, this ABC target seems like a reasonable place to watch for signs of a turn. Additionally, daily momentum is nearing similar levels to where they previously based in March. All in all, the balance of signals appear to be shifting to a more positive tone.

From a wave count perspective, this entire retracement can be viewed as a counter-trend 4th wave in a V-wave advance that started in ’11. From this perspective, it’s either completed a full ABC or only the first A leg of a 3-3-3 type correction. Either way, this 1,856-1,790 area has potential to act as strong support. The first level to note above is gap resistance at 2,159.

Finally, GS says a minimum target for eventuial Vth wave is around $3000…

 

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