ETH/USD Price Forecast December 26, 2017, Technical Analysis

The Ethereum markets have broken down significantly during the trading session on Friday, slicing through the $650 level and then reaching towards the $500 level. That area caused a bit of a rally, and we have now bounced $70. However, I think that the negativity in the crypto currency space continues, as not only will volume be an issue, but quite frankly liquidity. The market continues to be one that I think sellers will look at these rallies as an opportunity to short, and then break down below the $500 level. It’s not until we break above the $700 level that I am convinced that we are going to go higher, as it would represent a “higher high.”

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The markets in general look very weak, and I believe that the crypto currency markets are starting to deal with the idea of institutional money coming into the space, and betting against the rise of the coins. Ethereum has fallen just as much is the other crypto currencies during the day, so this is a general selloff of crypto currencies overall. Ultimately, I think that the space will continue to move in the same direction, as the bloodbath doesn’t seem to differentiate between one coin or the other. The US dollar is favored over crypto currencies, and at this point I think we continue to see negativity as the most recent daily candle has been so brutal. If we break down below the $500 level, that could open up the doors for much lower prices, perhaps down to $300, maybe even $200.

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ETH/USD Video 26.12.17