ETH/USD Price Forecast December 21, 2017, Technical Analysis

Ethereum markets tried to rally initially during the trading session on Wednesday, reaching towards the $840 handle. We pulled back a bit from there, and now are sitting just below the $800 level. I think that the market will eventually go looking towards the $900 level after that, and the buying opportunities on dips continue to be the best way to look at this market. I think that a break above the $900 level should send this market to the $1000 level after that. I believe that the market has a significant “floor” in the form of the $700 handle. Ultimately, this is a market that I think is probably going to pick up a bit of steam, as the Bitcoin exchange in South Korea was hacked, causing a lot of issues. In fact, Ethereum has outperformed Bitcoin during the day, although the performance in Ethereum wasn’t exactly something to write home about.

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The markets continue to be bullish overall, but I think that as we approach the holidays, the volume will continue to be a major issue, and therefore I think that we will probably not have major moves. Quite frankly, it’s not a time to start building a new position, but clearly, if you did, you would have to favor the upside. Eventually, we will have to go looking at the $1000 level above, which of course will cause a lot of attention on the market. I think that given enough time, we will break above there, but in the meantime, it looks as if Ethereum is going to stagnate. I believe that the absolute “floor” in the market is close to the $600 level. That’s an area that getting broke to the downside would signal a flood of selling orders, perhaps sending this market much lower. In general, I am bullish, but I also recognize that the market will be very choppy during this time year.