ETH/USD Price Forecast January 22, 2018, Technical Analysis

Ethereum traders continue to find the $1100 level to be far too much to continue to climb over. I think that the lack of volume is going to continue to be an issue, especially considering how strong the selloff was as of late. I think many retail traders have suddenly given up, especially the ones who got in late. At this point, it’s not until we break above the $1100 level on a daily close that I would consider going long, but, it doesn’t feel comfortable until we break above $1200. Longer-term chart suggests that perhaps we may try to recover, but with the lack of volume, that isn’t to be trusted for any real length of time.

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Currently, I think if we break down below the $1000 level, shorting this market will probably be the easier to trade. This will be especially true if we have volume. Volume is a major indicator for the reliability of the move, so we need to see it in order to put money to work. I think that the market should continue to be noisy, but I think also continues to favor the downside. On a break out to the upside, but sensibly a move above $1200, then we will probably go looking towards the highs again. I suspect that there is a lot of work to be done for the buyers to be confident enough to put serious money to work though.

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ETH/USD Video 22.01.18