ETH/USD Price Forecast January 12, 2018, Technical Analysis

The Ethereum markets continue to be very noisy, but in general it’s a situation where continued buying is the overall flavor. I think that short-term buying opportunities present themselves on these dips, as there is more than enough momentum to continue to drive Ethereum to the upside. I believe that the $1400 level above is resistance, but if we can break above there, the market could then go to the $1500 level. The market should continue to be one that offers plenty of opportunities, as the US dollar in general has been suffering. I believe that the pair should continue to go to the $1500 level above, an area that has been eyed by the bullish traders for some time.

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ETH/USD Video 12.01.18

I believe that the $1000 level underneath is the “floor” in the marketplace, as it was a significant break out to the upside. If we were to break down below that level, it would be extraordinarily negative. Having said that, it’s likely that the market is one that you can probably jump into slowly, adding on the dips going forward. I think that the bullish traders will be extraordinarily aggressive to go to the $1500 level given enough time. However, the 20 SMA on the hourly chart has rolled over a bit, so be careful, and be prudent with your position sizing. Only add one the market proves yourself correctly. Until then, caution is the better part of valor. If we were to break down below the $1000 level, it would be a very negative sign for Ethereum, perhaps offering a massive shorting opportunity down to the $800 level rather quickly. In the meantime, it looks as if we are trying to find support near the $1150 level, but it is still a bit early to make that determination.

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