ETH/USD Price Forecast January 18, 2018, Technical Analysis

The markets fell rather significantly during the day yet again on Wednesday, testing the uptrend line underneath, showing signs of support at the $800 level. I think there is a significant amount of noise between there and the $700 level, so I think that if we break down below the $700 level, the market should continue to go towards the $600 level next, and then eventually the $500 level. A bounce from the trendline could be a buying opportunity for the short term, but quite frankly I think that with the massive selloff that we have seen, it’s only a matter of time before the sellers come back on these rallies so I would prefer to short this market, on rallies.

ETH/USD Video 18.01.18

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The $1000 level above is an area that I think will be massively resistive, and quite frankly I think at this point in time the crypto currency markets in general are to be sold and not bought. Buying crypto currency at this point is a gamble at best, and I think we are starting to see everybody running for the exits. If we did break above the $1000 level, I think at that point you could put a little bit more faith in the rally, but I do not think based upon the volume that we have seen as of late that the buyers are going to have any real strength or wherewithal. At the first hint of trouble, crypto currency traders are bailing. I suspect that retail traders will be more than willing to sell their positions once they get back to breakeven, although I don’t think many of them will see that anytime soon.