ETH/USD Price Forecast, December 28, 2017, Technical Analysis

Ethereum markets went sideways during the trading session on Wednesday, as the $760 level continues to be resistance. If we can break down below the 20 SMA on the 4-hour chart, we could drop down to the $630 level next. At this point, I think that buying dips probably makes the most sense, but most of the traders right now are probably going to be gamblers from the retail side more than anything else. The volume simply isn’t going to be there until after New Year’s Day, so be careful about putting too much money into it. If we were to break above the $760 level, we will probably go looking towards the $800 level next, and then by extension perhaps trying to run to the $1000 level longer term. That is something that we will see in 2018 though, and not over the next couple of sessions.

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ETH/USD Video 28.12.17

If we were to break down below the $600 level, we probably go to the $500 level next, as it was the scene of a significant bounce and massive hammer on the 4-hour chart. A breakdown below the $500 level probably unwinds the uptrend for several hundred dollars. However, I think it’s only a matter of time for the buyers return based upon value, and of course the US dollar being soft. That being said, I find it very interesting that crypto currencies have fallen during the day, with the US dollar has been pummeled against the Euro and the British pound.

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