Compared to the market crash, Ethereum has not lost as much value as many other coins. However, the scary part is that Ethereum right now is looking where the market as a whole was in mid-January.within the next 1-3+ years. In January (at roughly $550-600b market cap), I told a few friends that we were possibly on the second shoulder and the market could go down if that is the case. Unfortunately, it was the case. Now Ethereum is in a similar dillemma. While the market has already descended from its second shoulder, Ethereum is still hasn't made that big plunge and it has yet to break its decending pattern so far.
While on a fundamental level, I believe in its technology, it has been overvalued from an economic standpoint. It went from $400 to $1200 in a month. It's irrational to believe an asset of any kind, especially one of a high market cap, can triple in value in such a short period of time. The future is a while away and the future doesn't all happen within a month. As circled in the picture, Ethereum has been overvalued twice before. Twice prior in 2017 people rushed to buy in on a wave of hype thinking that they would never get another chance to buy in at a better price again when all they had to do was wait a few weeks.
Right now we're at ~750. We're going to test the left shoulder at $700. If we fall below that, its strong support is $450. If the whole market truly is retracing down to mid-late November levels, $450 is possible.
When do you buy? If you're a daytrader, you can identify ranges and short it during this period of . Otherwise, wait for it to drop and buy it on the way down. (Or wait for a bull-run to begin at some point this spring). If you buy it at a low point and it goes up, sell and take profits as needed if its still within a descending pattern.