ETH - Reclaim $3K Or Else Ethereum / US DollarCOINBASE:ETHUSDVictorCobraI've spoken for a while about Ethereum's relative weakness. It continues to break down from long term uptrends. If price doesn't reverse this week's candle back to the upside soon, I think ETH is in danger of entering a longer term bear market, leading to sub-$1000 prices once again. More specifically, from a moving average and structure standpoint, I think ETH must reclaim the $3k level with confidence, or risk total free fall. I don't need to spell out all the reasons I think crypto is NOT going to change the world for the better or be "disruptive" in a meaningful way, but I've exhausted all of my writing steam on the matter. Some new environmental factors have emerged, however, which are much in line with what I've been concerned about over the last several years. We can clearly see from a Macro standpoint that growth is stalling. Local governments and isolationism are starting to gain preference over globalization, in a large see-saw effect. In addition, Trump has further tarnished whatever neutral reputation crypto had gained on the global stage. I think institutions are even less likely to take this market seriously now. There's pretty much air beneath here. The crypto TOTAL market cap is now testing the highs from the previous bull market. It really should hold up here to avoid catastrophic damage: TOTAL2 (altcoins and stables) is well below its previous all-time high, showing the potential for a truly failed bull market if things don't bounce around these levels. ETH/BTC is already in free-fall mode. My guess is new lows for the ratio (below the 2019 levels) Anyway, that's all from me. I won't be as long-winded as I used to be. Thanks for reading! As always, this is meant for speculation and entertainment only, and not as financial advice. -Victor Cobra